For the 24 hours to 23:00 GMT, the USD marginally declined against the JPY and closed at 109.58.
In the Asian session, at GMT0300, the pair is trading at 109.24, with the USD trading 0.31% lower against the JPY from yesterday’s close.
Overnight data revealed that Japan’s flash industrial production climbed 0.6% on a monthly basis in April, higher than market consensus for a rise of 0.2%. In the preceding month, industrial production had recorded a drop of 0.6%. Moreover, the nation’s unemployment rate declined for the first time in 2-months to 2.4% in April, meeting market expectations. Unemployment rate had registered a rate of 2.5% in the previous month.
Meanwhile, Japan’s retail trade remained flat on a monthly basis in April, compared to a rise of 0.2% in the previous month. Market participants had envisaged retail trade to record a rise of 0.6%.
The pair is expected to find support at 108.94, and a fall through could take it to the next support level of 108.63. The pair is expected to find its first resistance at 109.74, and a rise through could take it to the next resistance level of 110.23.
Trading trend in the Japanese Yen today, is expected to be determined by Japan’s consumer confidence index for May and housing starts for April, slated to release in a while.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
