USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.27% against the JPY and closed at 83.46.
In economic news, convenience store sales in Japan rose 4.8% (YoY) in February, compared to a rise of 1.7% in January.
In the Asian session, at GMT0400, the pair is trading at 83.2, with the USD trading 0.30% lower from yesterday’s close. Yen receives a boost after reports indicated an unexpected rise in the Japan’s trade balance.
Data released this morning showed that Japanese merchandise trade balance swung to surplus of ¥32.921 billion in February, compared to a downwardly revised deficit of ¥1.476 trillion in January.
The pair is expected to find support at 82.86, and a fall through could take it to the next support level of 82.52. The pair is expected to find its first resistance at 83.82, and a rise through could take it to the next resistance level of 84.44.
The currency pair is trading well below its 20 Hr and 50 Hr moving averages.
