FxWirePro: Japanese Yen gains in early Asia on robust trade balance data
USD/JPY is currently trading around 109.87 marks. It made intraday high at 110.23 and low at 109.83 levels. Today Japan released trade balance data with positive numbers at a surplus of ¥430 billion, above the ¥270 billi…
It made intraday high at 110.23 and low at 109.83 levels.
Today Japan released trade balance data with positive numbers at a surplus of ¥430 billion, above the ¥270 billion surplus seen, while imports plunged 23.2% and exports eased 10.1%.
Intraday bias remains bearish till the time pair holds key resistance at 110.58 marks.
A daily close above 110.58 is required to take the parity higher towards key resistances around 111.34 (April 05, 2016 high), 112.60 (55D EMA) and 113.42 levels respectively.
Alternatively, a sustained break below 109.69 will drag the parity down towards key support area at 108.27, 107.94, 106.15, 105.71, 105.45 and 104.55 levels respectively.
Over the weekend, G7 policy makers agreed to avoid currency devaluation and as a result, Asian markets opened with lower note today.
