USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.19% against the JPY and closed at 112.59 on Friday.
In the Asian session, at GMT0400, the pair is trading at 112.69, with the USD trading 0.09% higher against the JPY from Friday’s close.
Overnight data revealed that Japan’s adjusted merchandise trade surplus surprisingly widened to ¥364.1 billion in November, against expectations for it to narrow to a level of ¥265.0 billion. The nation had registered a revised adjusted merchandise trade surplus of ¥349.3 billion in the prior month.
Additionally, the nation’s exports rose more-than-anticipated by 16.2% on an annual basis in November, pointing to robust overseas demand. Exports had risen 14.0% in the previous month, while markets were expecting for a gain of 14.7%. Meanwhile, the nation’s imports grew less-than-expected by 17.2% YoY in November, after recording a rise of 18.9% in the previous month and compared to market consensus for an advance of 18.0%.
The pair is expected to find support at 112.20, and a fall through could take it to the next support level of 111.72. The pair is expected to find its first resistance at 113.00, and a rise through could take it to the next resistance level of 113.32.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
