USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.08% against the JPY and closed at 114.09.
In the Asian session, at GMT0400, the pair is trading at 113.95, with the USD trading 0.12% lower from yesterday’s close.
Overnight data indicated that, Japan’s adjusted merchandise trade surplus rose more-than-anticipated to ¥119.4 billion in January, while markets expected it to rise to ¥61.6 billion and following a revised surplus of ¥15.3 billion in the previous month.
On the other hand, the nation posted a merchandise total trade deficit of ¥645.9 billion in January, compared to a revised surplus of ¥140.3 billion in the previous month. Further, merchandise imports and exports fell more-than-expected by 18.0% and 12.9%, respectively, on an annual basis.
The pair is expected to find support at 113.38, and a fall through could take it to the next support level of 112.81. The pair is expected to find its first resistance at 114.52, and a rise through could take it to the next resistance level of 115.08.
Moving ahead, investor sentiment would be governed by Japan’s all industry activity index data, scheduled to release in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
