USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.66% against the JPY and closed at 96.81.
In Japan’s economic news, industrial production grew 0.6% (MoM) in February, following a 0.3% increase in January and compared to a preliminary estimates of a drop of 0.1%. Meanwhile, capacity utilization increased 0.7% (MoM) in February, following a 1.7% increase in January. Separately, machine tool orders dropped 15.7% annually in March, less than preliminary estimate of a 21.6% decline.
In the Asian session, at GMT0300, the pair is trading at 97.45, with the USD trading 0.66% higher from yesterday’s close.
The pair is expected to find support at 96.07, and a fall through could take it to the next support level of 94.69. The pair is expected to find its first resistance at 98.56, and a rise through could take it to the next resistance level of 99.67.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
