Japan's industrial production under pressure, JPY remains strong
Christophe Chevalier October 15, 2020 7:11 AM
Japan's industrial production grew 1.0% on month in August.
In Japan, Official data showed that Japan's industrial production grew 1.0% on month in August, below +1.7% expected and much below +8.7% in July. August Capacity Utilization stood at only 2.9%, vs 8.0% expected.
From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and by its declining 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 106.90 as the nearest support would be set at October bottom at 104.80 and a second one would be set at September low at 104.00 in extension.
Source: TradingView, GAIN Capital