Wed, Jun 23, 2021 @ 01:33 GMT
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Japan’s Industrial Production Plunged In May

For the 24 hours to 23:00 GMT, the USD rose 0.32% against the JPY and closed at 107.58.

In the Asian session, at GMT0300, the pair is trading at 107.78, with the USD trading 0.19% higher against the JPY from yesterday’s close.

Overnight data showed that Japan’s unemployment rate rose to 2.9% in May, compared to a rate of 2.6% in the previous month. Moreover, industrial production plunged 25.9% on a yearly basis in May, more than market consensus for a drop of 11.3% and compared to a fall of 15.0% in the previous month.

The pair is expected to find support at 107.25, and a fall through could take it to the next support level of 106.73. The pair is expected to find its first resistance at 108.09, and a rise through could take it to the next resistance level of 108.41.

Moving forward, traders would keep a watch on Japan’s construction orders and annualised housing starts, both for May, slated to release in a few hours.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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