FxWirePro: Yen gains in early hours on the back of higher than expected trade balance data
USD/JPY is currently trading around 104.60 marks. It made intraday high at 104.84 and low at 104.41 levels. Intraday bias remains slightly neutral for the moment. Today Japan released trade balance data with positive num…
It made intraday high at 104.84 and low at 104.41 levels.
Intraday bias remains slightly neutral for the moment.
Today Japan released trade balance data with positive numbers at ¥270 billion, wider than a surplus of ¥130 billion expected for May. Exports dropped 11.3%, more than the 10.4% year-on-year fall seen and imports came in as expected, down 13.8% year-on-year.
A daily close above 105.19 is required to take the parity higher towards key resistances around 106.12, 107.90, 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
Alternatively, a sustained close below 104.00 will drag the parity down towards key supports at 103.54, 102.10 and 101.56 levels respectively.
Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart. Current upside movement is short term trend correction only.
