USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.11% against the JPY and closed at 111.59.
In the Asian session, at GMT0400, the pair is trading at 111.40, with the USD trading 0.17% lower against the JPY from yesterday’s close.
Overnight data revealed that Japan posted a trade deficit (BOP basis) of ¥964.8 billion in January, compared to a surplus of ¥216.20 billion in the previous month. Market participants had anticipated the nation to record a deficit of ¥1133.0 billion. Meanwhile, the nation’s final gross domestic product (GDP) rebounded 0.5% on a quarterly basis in 4Q 2018, following a decline of 0.6% in the prior quarter. Market participants had expected the GDP to record a gain of 0.4%, while preliminary figures had indicated an advance of 0.3%.
The pair is expected to find support at 111.21, and a fall through could take it to the next support level of 111.01. The pair is expected to find its first resistance at 111.73, and a rise through could take it to the next resistance level of 112.05.
Going forward, traders would closely monitor Japan’s the Bank of Japan’s interest rate decision, set to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
