USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 1.84% against the JPY and closed at 109.88.
In the Asian session, at GMT0400, the pair is trading at 110.07, with the USD trading 0.17% higher against the JPY from yesterday’s close.
Overnight data indicated that Japan’s total merchandise trade deficit widened to ¥1312.6 billion in December, less than market forecast for a deficit of ¥1694.9 billion and compared to a revised deficit of ¥154.6 billion in the previous month. Meanwhile, machinery orders dropped at its fastest pace since 2018 by 12.5% on a monthly basis in December, compared to an increase of 18.0% in the prior month.
The pair is expected to find support at 109.78, and a fall through could take it to the next support level of 109.50. The pair is expected to find its first resistance at 110.23, and a rise through could take it to the next resistance level of 110.40.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
