HomeContributorsFundamental AnalysisJapan's Unemployment Rate Dropped In June

Japan’s Unemployment Rate Dropped In June

For the 24 hours to 23:00 GMT, the USD declined 0.25% against the JPY and closed at 104.72.

In the Asian session, at GMT0300, the pair is trading at 104.29, with the USD trading 0.41% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s unemployment rate unexpectedly dropped to 2.8% in June, defying market forecast for a rise to 3.1% and compared to a rate to 2.9% in the prior month. Moreover, industrial production rose 2.7% on a monthly basis in June, more than market forecast for a rise of 1.2% and compared to a fall of 8.9% in the previous month.

The pair is expected to find support at 103.89, and a fall through could take it to the next support level of 103.49. The pair is expected to find its first resistance at 104.99, and a rise through could take it to the next resistance level of 105.69.

Moving forward, traders would keep a watch on Japan’s construction orders and annualised housing starts, both for June, along with the consumer confidence index for July, slated to release in a few hours.

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

GCI Financial
GCI Financialhttp://www.gcitrading.com/
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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