USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.38% against the JPY and closed at 110.62 on Friday.
In the Asian session, at GMT0400, the pair is trading at 111.06, with the USD trading 0.4% higher against the JPY from Friday’s close.
Overnight data indicated that, Japan’s adjusted merchandise trade surplus widened more-than-expected to a level of ¥474.3 billion in October, following a revised trade surplus of ¥358.5 billion in the prior month. Moreover, the nation’s exports dropped 10.3% on an annual basis in October, declining for a 13th straight month and surpassing market expectations for a fall of 8.5%. Exports had fallen 6.9% in the previous month. Further, the nation’s imports fell 16.5% YoY in October, compared to a drop of 16.3% in the prior month.
Earlier today, data showed that the nation’s all industry activity index unexpectedly rose by 0.2% on a monthly basis in September, compared to a similar rise in the prior month while markets expected the index to remain flat.
The pair is expected to find support at 110.15, and a fall through could take it to the next support level of 109.25. The pair is expected to find its first resistance at 111.57, and a rise through could take it to the next resistance level of 112.09.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
