USD/JPY: Japan recorded a trade surplus in February


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.32% against the JPY and closed at 111.19 on Friday.

In the Asian session, at GMT0300, the pair is trading at 111.43, with the USD trading 0.22% higher against the JPY from Friday’s close.

Overnight data revealed that Japan posted a more-than-expected trade surplus (BOP basis) of ¥1076.8 billion in February, compared to market expectations for the nation to post a surplus of ¥981.7 billion and following a deficit of ¥853.4 in the preceding month.

Meanwhile, the Bank of Japan Governor, Haruhiko Kuroda, vowed that the central bank will continue with aggressive easing until achieving 2.0% inflation target.

The pair is expected to find support at 110.50, and a fall through could take it to the next support level of 109.58. The pair is expected to find its first resistance at 111.96, and a rise through could take it to the next resistance level of 112.50.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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