USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the JPY and closed at 106.88 on Friday.
In the Asian session, at GMT0300, the pair is trading at 106.96, with the USD trading 0.07% higher against the JPY from Friday’s close.
Data released overnight showed that Japan posted a less-than-expected (BOP basis) trade surplus of ¥188.7 billion in February, compared to a deficit of ¥666.6 billion in the previous month, while markets were expecting the nation to register a trade surplus of ¥249.70 billion.
The pair is expected to find support at 106.67, and a fall through could take it to the next support level of 106.39. The pair is expected to find its first resistance at 107.35, and a rise through could take it to the next resistance level of 107.75.
Going ahead, traders would closely monitor Japan’s flash machine tool orders for March, due to release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
