USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.62% against the JPY and closed at 118.53.
In the Asian session, at GMT0400, the pair is trading at 118.68, with the USD trading 0.12% higher from Friday’s close.
Overnight data showed that that Japan’s merchandise trade balance showed a surplus of ¥140.2 billion in December, compared to a deficit of ¥381.3 billion in the preceding month and exceeding market expectation of a surplus of ¥117.0 billion.
Other economic data revealed that the nation’s exports fell for the third consecutive month, easing 8.0% YoY in December, after a decline of 3.3% in the preceding month, as a downturn in China weighed on the export-oriented economy.
Earlier today, data indicated that Japan’s leading economic index edged down to a level of 103.5 in November from 104.2 in October. Also, the coincident index fell to a reading of 111.9 in November compared to 113.3 registered in the previous month.
The pair is expected to find support at 117.94, and a fall through could take it to the next support level of 117.2. The pair is expected to find its first resistance at 119.15, and a rise through could take it to the next resistance level of 119.61.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
