USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.26% against the JPY and closed at 108.34.
In the Asian session, at GMT0300, the pair is trading at 108.58, with the USD trading 0.22% higher from yesterday’s close.
Overnight data showed that Japan recorded a (BOP basis) trade surplus of ¥425.0 billion in February, from a (BOP basis) trade deficit of ¥411.0 billion in the prior month. Market expectation was for the nation to post a trade surplus of ¥429.7 billion. Additionally, the nation’s current account surplus widened for the 20th consecutive month to a level of ¥2434.0 billion in February, compared to a current account surplus of ¥520.8 billion in the previous month. Market anticipation was for the nation to post a surplus of ¥2011.4 billion
The pair is expected to find support at 107.66, and a fall through could take it to the next support level of 106.75. The pair is expected to find its first resistance at 109.51, and a rise through could take it to the next resistance level of 110.43.
Going ahead, investors will look forward to Japan’s consumer confidence index and Eco Watchers survey data, both for the month of March, scheduled to release in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
