USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.62% against the JPY and closed at 103.64.
In the Asian session, at GMT0300, the pair is trading at 103.86, with the USD trading 0.21% higher against the JPY from yesterday’s close.
Overnight data indicated that, Japan’s trade surplus (BOP basis) narrowed less-than-expected to a level of ¥243.2 billion in August, following a trade surplus of ¥613.9 billion in the previous month while markets expected the nation to post a trade surplus of ¥116.5 billion. Meanwhile, the nation posted an adjusted (total) current account surplus of ¥1975.7 billion in August, beating investor consensus for a surplus of ¥1570.3 billion and following a surplus of ¥1447.8 billion in the prior month.
The pair is expected to find support at 103.10, and a fall through could take it to the next support level of 102.33. The pair is expected to find its first resistance at 104.31, and a rise through could take it to the next resistance level of 104.75.
Going ahead, investors would concentrate on Japan’s machine tool orders and machinery orders, slated to release today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
