This morning, government data showed that Japan recorded a trade surplus of 248.3 billion yen in August, much above 15 billion yen deficit expected, where exports declined 14.8% on year (vs -16.1% expected) and imports slid 20.8% (vs -17.8% expected).

From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and by its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 108.15 as the nearest support would be set at July 31 bottom at 104.15 and a second one would be set at horizontal support at 102.40 in extension.

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