Sun, Jan 17, 2021 @ 18:43 GMT
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Japan’s Trade Surplus Narrowed In June

For the 24 hours to 23:00 GMT, the USD rose 0.16% against the JPY and closed at 105.95.

In the Asian session, at GMT0300, the pair is trading at 106.06, with the USD trading 0.10% higher against the JPY from yesterday’s close.

Overnight data showed that Japan’s current account surplus narrowed to ¥167.5 billion in June, less than market expectations for a surplus of ¥110.0 billion and compared to a surplus of ¥1176.8 in the prior month. Meanwhile, trade deficit narrowed to ¥77.3 billion in June, compared to a deficit of ¥556.8 billion in the prior month.

The pair is expected to find support at 105.78, and a fall through could take it to the next support level of 105.50. The pair is expected to find its first resistance at 106.27, and a rise through could take it to the next resistance level of 106.48.

Amid a lack of macroeconomic releases in Japan today, investor sentiment would be determined by global macroeconomic factors.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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