USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.77% against the JPY and closed at 113.04.
In the Asian session, at GMT0300, the pair is trading at 113, with the USD trading marginally lower against the JPY from yesterday’s close.
Data released overnight showed that Japan’s adjusted merchandise trade surplus unexpectedly narrowed to ¥240.3 billion in September, compared to a revised surplus of ¥308.3 billion in the previous month. Markets had anticipated the nation’s adjusted merchandise trade surplus to widen to ¥309.2 billion.
Early morning data revealed that the nation’s all industry activity index rebounded 0.1% in August, falling short of market expectations for an advance of 0.2%. In the previous month, the index had dropped 0.1%.
The pair is expected to find support at 112.4, and a fall through could take it to the next support level of 111.81. The pair is expected to find its first resistance at 113.34, and a rise through could take it to the next resistance level of 113.69.
Going ahead, traders will look forward to Japan’s final machine tool orders for September, due to release in a while.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
