USD/JPY: Industrial production below expectations
Christophe Chevalier December 29, 2020 6:35 AM
Japan's Industrial production was released below expectations.
This morning, Japan's industrial production was published flat in November, below +1.1% on month expected. On a yearly basis, industrial production was released at -3.4%, vs -2.3% expected and -3.0% the previous month. But JPY remains on the upside.
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 104.70 as the nearest support would be set at December bottom at 102.85 and a second one would be set at March low at 101.15.
Source: TradingView, GAIN Capital
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