For the 24 hours to 23:00 GMT, the USD rose 0.58% against the JPY and closed at 105.11.
In the Asian session, at GMT0400, the pair is trading at 101.84, with the USD trading 3.11% lower against the JPY from yesterday’s close.
Overnight data showed that, Japan’s trade surplus (BOP basis) widened less-than-expected to ¥642.4 billion in September, from a trade surplus of ¥243.2 billion in the previous month and compared to market anticipation for the nation to post a trade surplus of ¥668.8 billion. Additionally, the nation’s Eco Watchers Survey for the current situation surprisingly climbed to a level of 46.2 in October, defying market expectations for a drop to a level of 44.4 and after recording a level of 44.8 in the previous month. Moreover, the nation’s Eco Watchers Survey for the future outlook unexpectedly advanced to 49.0 in October, compared to market expectations of a fall to 47.8 and after recording a level of 48.5 in the previous month.
The pair is expected to find support at 100.37, and a fall through could take it to the next support level of 98.89. The pair is expected to find its first resistance at 104.39, and a rise through could take it to the next resistance level of 106.93.
Investors would focus on Bank of Japan’s recent meeting minutes and machinery orders for September, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.