USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.12% against the JPY and closed at 123.99.
In the Asian session, at GMT0300, the pair is trading at 123.94, with the USD trading a tad lower from yesterday’s close.
Earlier today, data released showed that Japan’s exports jumped 9.5% YoY, increasing at the fastest pace in five-months in June, following a 2.4% increase in May. However, the reading came in marginally lower than 10.0% rise anticipated by the analysts. On the other hand, imports slipped 2.9% on an annual basis in June, compared to a decrease of 8.7% in the previous month. Meanwhile, total merchandise trade deficit narrowed to ¥69.0 billion in June, after recording a deficit of ¥217.2 billion in May and missing market expectations for a ¥5.4 billion surplus.
The pair is expected to find support at 123.62, and a fall through could take it to the next support level of 123.29. The pair is expected to find its first resistance at 124.21, and a rise through could take it to the next resistance level of 124.48.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
