USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.26% against the JPY and closed at 117.86 on Friday.
In the Asian session, at GMT0400, the pair is trading at 117.55, with the USD trading 0.26% lower against the JPY from Friday’s close.
Overnight data indicated that Japan’s adjusted merchandise trade surplus widened to a level of ¥536.1 billion in November, following a surplus of ¥474.3 billion in the prior month and falling short of market expectations for the nation to post a surplus of ¥590.5 billion. On the other hand, exports fell less-than-anticipated by 0.4% YoY in November, compared to a fall of 10.3% in the previous month. Also, the nation’s annual imports dropped less-than-expected by 8.8% in November, compared to a drop of 16.5% in the previous month.
The pair is expected to find support at 117.15, and a fall through could take it to the next support level of 116.74. The pair is expected to find its first resistance at 118.19, and a rise through could take it to the next resistance level of 118.82.
Looking ahead, market participants will direct their attention to the Bank of Japan’s interest rate decision, due to be announced overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
