Japanese Yen Gains Despite Lower Than expected Industrial Production Data
- USD/JPY is currently trading around 112.60 marks.
- It made intraday high at 112.80 and low at 112.39 levels.
- Japanese industrial output fell sharply in February after shipments dropped.
- Combined output from Japan's mines, factories and utilities tumbled 6.2% month-on-month in February, coming in worse than the 5.8% decline forecast by markets.
- Pair breaks key support level at 112.60 and confirms bearish trend for the moment.
- Initial support levels are seen at 112.60, 111.34 and 110.66 levels.
- On the top side, key resistance levels are seen at 113.43, 113.98 and 114.87 marks.
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