USDJPY Movement
On Friday, the USD weakened 0.29% against the JPY and closed at 99.28.
In economic news, data showed that industrial production in Japan advanced 3.4% (MoM) in July, surpassing analysts’ call for a 3.2% rise and following a 3.1% drop registered in the previous month. Another report revealed that capacity utilization in Japan rose 3.7% during July, compared to a 2.3% fall seen in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 98.85, with the USD trading 0.43% lower from Friday’s close.
The pair is expected to find support at 98.37, and a fall through could take it to the next support level of 97.89. The pair is expected to find its first resistance at 99.66, and a rise through could take it to the next resistance level of 100.48.
As the Japanese markets are closed on account of respect-for-the-Aged Day bank holiday, investors are expected to keep an eye on global economic news for further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
