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Forex Market: USD/JPY trading forecast for Monday

During Friday’s trading session USD/JPY traded within the range of 101.22-101.39 and closed at 101.35, adding 0.01% for the day, but losing 0.7% on a weekly basis.

Fundamental view

Japan’s Ministry of Economy, Trade and Industry (METI) will release May’s final reading of the nation’s Industrial Production index at 7:30 GMT on Monday. In April the index came in at 0.5%.

The index measures changes in the volume of production and refers to the amount of goods produced by industrial enterprises. The index is based on a study of production (Current Survey of Production). The survey covers 530 types of goods. This is the percentage change from the previous month, according to final data.

Technical view

Yen usd

According to Binary Tribune’s daily analysis, in case USD/JPY manages to breach the first resistance level at 101.42, it will probably continue up to test 101.49. In case the second key resistance is broken, the pair will probably attempt to advance to 101.59.

If USD/JPY manages to breach the first key support at 101.25, it will probably continue to slide and test 101.15. With this second key support broken, the movement to the downside will probably continue to 101.08.

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