USD/JPY: Japan’s trade surplus shrunk in August


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD slightly rose against the JPY and closed at 112.66.

In the Asian session, at GMT0300, the pair is trading at 112.67, with the USD trading marginally higher against the JPY from yesterday’s close.

Overnight data revealed that Japan’s trade surplus (BOP basis) narrowed less-than-expected to ¥318.7 billion in August, compared to a revised surplus of ¥566.6 billion in the prior month. Market participants had anticipated the nation’s trade surplus to narrow to ¥264.9 billion.

The pair is expected to find support at 112.51, and a fall through could take it to the next support level of 112.35. The pair is expected to find its first resistance at 112.83, and a rise through could take it to the next resistance level of 112.99.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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