Japanese Yen Trading Lower This Morning
For the 24 hours to 23:00 GMT, the USD strengthened 0.28% against the JPY and closed at 123.92.
In the Asian session, at GMT0300, the pair is trading at 124.09, with the USD trading 0.14% higher from yesterday’s close.
Overnight data revealed that industrial production in Japan rebounded 0.8% MoM in June, exceeding market expectations of a gain of 0.3%. Industrial production in the nation dipped 2.1% in the previous month.
Meanwhile, the vehicle production in Japan slid 5.30% YoY in June, in Japan, after registering a fall of 16.60% in the previous month.
The pair is expected to find support at 123.54, and a fall through could take it to the next support level of 123. The pair is expected to find its first resistance at 124.42, and a rise through could take it to the next resistance level of 124.75.
Going forward, investors would keep a close eye on Japan’s nation CPI as well as unemployment data, scheduled overnight to get better insights in the Japanese economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.