USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.92% against the JPY and closed at 95.94.
In the Asian session, at GMT0400, the pair is trading at 95.88, with the USD trading marginally lower from yesterday’s close.
This morning, Japan’s adjusted merchandise trade deficit widened to ¥1086.6 billion in February, from a revised deficit of ¥737.3 billion recorded in January. Meanwhile, on annual basis, merchandise trade exports declined 2.9% in February, while the merchandise trade imports increased 11.9% in February. However, total merchandise trade deficit narrowed to ¥777.5 billion in February, from a revised deficit of ¥1630.9 billion recorded in the previous month.
Moreover, investors are trading cautiously this morning amid speculation that the new Bank of Japan Governor, Haruhiko Kuroda could announce a shift in monetary policy today at his first press conference since becoming head of the central bank.
The pair is expected to find support at 95.20, and a fall through could take it to the next support level of 94.52. The pair is expected to find its first resistance at 96.36, and a rise through could take it to the next resistance level of 96.83.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
