USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 1.17% against the JPY and closed at 113.86.
In the Asian session, at GMT0400, the pair is trading at 113.52, with the USD trading 0.3% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s adjusted merchandise trade surplus narrowed to a level of ¥356.7 billion in December, after the nation had posted a revised surplus of ¥466.1 billion in the prior month. Meanwhile, exports rose 5.4% on an annual basis in December, advancing for the first time in fifteen-months. Markets expected exports to rise 1.1%, following a drop of 0.4% in the previous month. On the other hand, imports eased more-than-expected by 2.6% YoY in December, after declining 8.8% in the prior month.
The pair is expected to find support at 112.70, and a fall through could take it to the next support level of 111.88. The pair is expected to find its first resistance at 114.16, and a rise through could take it to the next resistance level of 114.80.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
