Stronger JPY following better data

Japanese Flag
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

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