Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

Top Stories
by ForexNewsNow Team on July 29th, 2010

Forecast: How will Japan industry output data affect USD/JPY?

forex trading  currency trading  online forexNEW YORK (Forex News Now) – Japan’s Ministry of Economy, Trade and Industry is set on Thursday to publish a key report on industrial production in June, in one of the day’s spotlight FX news events.

The data is expected to show that Japanese industrial output grew 0.2 percent month-on-month, according to two major forex news outlets, after growth of 0.1 percent in May.

The ministry is scheduled to publish the report at 11:50 P.M. GMT; as such, this leading indicator of economic health is likely to dominate Asian morning currency trading.

According to forex analysis, if the report shows slower-than-expected growth, or even a drop in growth, USD/JPY could be lifted toward resistance around Wednesday’s high, 88.12.

Should Japanese industrial production increase at a faster-than-expected rate, however, the data push the currency pair down toward support around the low of July 16, 86.26.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))