Japanese Yen falls on the back of lower than expected trade balance data
USD/JPY is currently trading around 112.90 levels. It made intraday high at 112.93 and low at 112.52 marks. Japan’s adjusted trade balance for February came in at a surplus of $170 billion, narrower than the Y240 billion…
USD/JPY is currently trading around 112.90 levels.
It made intraday high at 112.93 and low at 112.52 marks.
Japan’s adjusted trade balance for February came in at a surplus of $170 billion, narrower than the Y240 billion expected.
Exports fell 4.0% year-on-year, more than the 3.1% drop expected and imports slumped 14.2%, a bit less than the 15.2% expected.
Country’s imports have fallen for thirteen months in a row now, while exports were down from the fifth consecutive month in February.
Intraday bias remains bullish for the day.
Pair is likely to consolidate below 114.87 levels.
A daily close above 114.87 is required to confirm the bullish trend and above that key resistance is seen at 115.96 marks.
On the other side, initial support level is seen at 112.60 levels. A daily close below key support level will drag the parity towards 110.98/108.75/107.51 marks thereafter.
We prefer to take long position in USD/JPY around 112.70, stop loss 112.32 and target 113.81 marks.
