USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.33% against the JPY and closed at 109.23.
In the Asian session, at GMT0300, the pair is trading at 108.99, with the USD trading 0.22% lower from yesterday’s close.
Overnight data showed that Japan’s adjusted merchandise trade surplus expanded to a level of ¥276.5 billion in March, less than market expectations for a trade surplus of ¥450.0 billion. Japan had registered an adjusted merchandise trade surplus of ¥166.1 billion in the previous month. Meanwhile, the nation’s exports and imports dropped less-than-expected on an annual basis in March.
The pair is expected to find support at 108.69, and a fall through could take it to the next support level of 108.39. The pair is expected to find its first resistance at 109.39, and a rise through could take it to the next resistance level of 109.79.
Moving ahead, investors will look forward to Japan’s final machine tool orders data for March, scheduled to release in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
