The Japanese yen was trading modestly stronger against the USD on Monday rising 0.03%. USDJPY continued to retreat following a rally to a 3-month high of 112.12 earlier this month. Trade balance figures released on Monday showed that exports fell for the third consecutive month in February due to easing global demand for goods. Official data showed that exports fell 1.2% on the year, extending the 8,4% annualized decline in January.
Will USDJPY Turn Bearish?
The USDJPY currency pair was trading subdued on Monday with price action closing within a small range but bearish. This marks a second consecutive day of declines in the currency pair. A bearish follow through today could signal a move to the downside. Given that prices failed near the resistance level of 111.40, the USDJPY could extend the declines lower to the 109.84 level at the very least in the near term
