USD/JPY: Japan’s trade surplus widened beyond estimates in March


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD marginally rose against the JPY and closed at 112.00.

In the Asian session, at GMT0300, the pair is trading at 111.95, with the USD trading slightly lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s merchandise (total) trade surplus widened to ¥528.5 billion in March, compared to a surplus of ¥339.0 billion in the prior month. Markets participants had expected the nation to post a surplus of ¥363.2 billion. Meanwhile, the nation’s final industrial production in Japan eased 1.1% on a yearly basis in February, following a rise of 0.3% in the preceding month. The preliminary figures indicated that the industrial production fell 1.0%.

The pair is expected to find support at 111.81, and a fall through could take it to the next support level of 111.67. The pair is expected to find its first resistance at 112.13, and a rise through could take it to the next resistance level of 112.31.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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