Stronger JPY following better data

Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

Stronger JPY following better data

This morning, official data showed that Japan's jobless rate was unchanged at 3.0% in September, below 3.1% expected, while industrial production rose 4.0% on month, better than +3.0% 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 106.15 as the nearest support would be set at September bottom at 104.00 and a second one would be set at horizontal support at 103.00 in extension.

Source: TradingView, GAIN Capital


Related tags: Forex Forex JPY

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar