USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.20% against the JPY and closed at 110.14.
In the Asian session, at GMT0300, the pair is trading at 109.79, with the USD trading 0.32% lower from Friday’s close.
Overnight data showed that Japan’s total merchandise trade surplus widened to ¥823.5 billion in April, more than market expectations of a surplus of ¥540.0 billion and after posting a revised surplus of ¥754.2 billion in the previous month. Meanwhile, the nation’s exports and imports declined more-than-expected by 10.1% and 23.3% respectively, on an annual basis, in April.
In other economic news, early this morning, data showed that Japan’s all industry activity index rose less-than-expected by 0.1% MoM in March, compared to market expectations for an advance of 0.5% and following a 1.2% decline in the previous month.
The pair is expected to find support at 109.41, and a fall through could take it to the next support level of 109.02. The pair is expected to find its first resistance at 110.38, and a rise through could take it to the next resistance level of 110.96.
Moving ahead, investors will look forward to the release of Japan’s leading economic and coincident indices data for March, scheduled to release in some time.
The currency pair is trading below with its 20 Hr and 50 Hr moving averages.
