HomeContributorsFundamental AnalysisJapan's Adjusted Merchandise Trade Surplus Surprisingly Widened In April

Japan’s Adjusted Merchandise Trade Surplus Surprisingly Widened In April

For the 24 hours to 23:00 GMT, the USD declined 0.08% against the JPY and closed at 110.72 on Friday.

In the Asian session, at GMT0300, the pair is trading at 111.09, with the USD trading 0.33% higher against the JPY from Friday’s close.

Data released overnight showed that Japan’s adjusted merchandise trade surplus unexpectedly widened to ÂĄ550.0 billion in April, defying market consensus for it to narrow to ÂĄ114.9 billion. In the preceding month, the nation had recorded an adjusted merchandise trade surplus of ÂĄ170.0 billion.

The pair is expected to find support at 110.76, and a fall through could take it to the next support level of 110.43. The pair is expected to find its first resistance at 111.27, and a rise through could take it to the next resistance level of 111.45.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Financial
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