FxWirePro: USD/JPY trades slightly higher, focus on Gov Kuroda's speech for further impetus

USD/JPY chart on Trading View used for analysis

• USD/JPY is trading marginally higher on the day at 110.77 at 0350 GMT.
   
• The Japanese yen is being offered in Asia possibly on expectations that BOJ governor Kuroda will reiterate readiness to do more if required.
   
• Earlier in the day, data from Japan showed that trade balance missed expectations.
   
• Japan Jan 2019 trade balance decreased to -1415.2 JPY (forecast -1011 JPY) vs previous -56.7 JPY (revised from -55.3 JPY).
   
• The pair trades with a slight bullish bias, finds stiff resistance at 110-EMA at 110.91. Break above to see further gains.
   
• Kuroda is scheduled to speak at 05:30 GMT. The yen will likely reverse losses if Kuroda sounds less dovish than expected. 
   
• 55-EMA at 110.45 is immediate support. Break below will see dip till 21-EMA at 110.14.

Support levels - 110.45 (55-EMA), 110.14 (21-EMA), 109.60 (50% Fib)

Resistance levels - 110.91 (110-EMA), 111, 111.12 (Feb 14 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.