For the 24 hours to 23:00 GMT, the USD declined 0.14% against the JPY and closed at 109.78.
In the Asian session, at GMT0400, the pair is trading at 109.77, with the USD trading marginally lower against the JPY from yesterday’s close.
Overnight data revealed that Japan posted a trade surplus (BOP basis) of ¥216.2 billion in December, following a deficit of ¥559.1 billion in the prior month. Market participants had anticipated the nation to record a surplus of ¥132.4 billion.
The pair is expected to find support at 109.56, and a fall through could take it to the next support level of 109.34. The pair is expected to find its first resistance at 110.04, and a rise through could take it to the next resistance level of 110.30.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
