For the 24 hours to 23:00 GMT, the USD marginally declined against the JPY and closed at 110.58.
In the Asian session, at GMT0400, the pair is trading at 110.75, with the USD trading 0.15% higher against the JPY from yesterday’s close.
Overnight data indicated that Japan’s total trade deficit expanded to ¥1452.2 billion in January, following a revised deficit of ¥56.7 billion in the prior month. Markets had anticipated the nation to post a deficit of ¥1029.0 billion.
The pair is expected to find support at 110.50, and a fall through could take it to the next support level of 110.24. The pair is expected to find its first resistance at 110.97, and a rise through could take it to the next resistance level of 111.18.
Going forward, traders would keep an eye on Japan’s Nikkei manufacturing PMI for February, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
