Re: Daily market news by Cozfx
COZfx: Japan’s trade surplus narrowed in March
COZforex: For the past trading session, the USD rose 0.52% against the JPY and closed at 114.31.
On the economic front, Japan’s flash leading economic index advanced to a level of 105.5 in March, in line with market expectations, notching its highest level in 21 months. The index had recorded a revised reading of 104.7 in the prior month. Moreover, the nation’s flash coincident index dropped more-than-expected to a level of 114.6 in March, after recording a revised reading of 115.2 in the prior month.
In the Asian session, the pair is trading at 114.13, with the USD trading 0.16% lower against the JPY from yesterday’s close.
Overnight data indicated that Japan’s trade surplus narrowed less-than-expected to a level of ¥865.5 billion in March, while markets expected the nation’s trade surplus to narrow down to a level of ¥855.0. In the prior month, the nation registered a surplus of ¥1076.8 billion.
In technical analysis, COZFX strategist Nigel Boynton said: USD/JPY is expected to find support at 113.71 and a fall through could take it to the next support level of 113.28; Meanwhile, the pair is expected to find its first resistance at 114.46, and a rise through could take it to the next resistance level of 114.78.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
(COZ forex UK)