For the 24 hours to 23:00 GMT, the USD rose 0.27% against the JPY and closed at 106.30.

In the Asian session, at GMT0400, the pair is trading at 105.88, with the USD trading 0.4% lower against the JPY from yesterday’s close.

Overnight data revealed that Japan’s final industrial production fell more than initially estimated by 6.8% on a monthly basis in January, while the preliminary figures had indicated a fall of 6.6%. Industrial production had recorded a rise of 2.9% in the prior month.

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The pair is expected to find support at 105.64, and a fall through could take it to the next support level of 105.41. The pair is expected to find its first resistance at 106.26, and a rise through could take it to the next resistance level of 106.65.

Going ahead, market participants would eye Japan’s flash Nikkei manufacturing PMI, all industry activity index and trade balance data, all slated to release next week, will be on investors’ radar.

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


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