JPY Daily News

Japan Posts Trade Deficit but JPY still Stronger

Japan posted a larger than expected trade deficit which is the 7th consecutive month the nation has registered a deficit. A sharp 3.7% y/y drop in exports was noted while consensus forecasts were for a decline of only 0.4%. The catalyst for the weak export numbers may be a strong JPY but lower global demand could also have weighed on the macro data.

The USD/JPY continues to hold above both last week's low of as well as the initial support of 76.80 and Friday's low of 76.55. After here there is a lack of support on the daily chart until the all-time low while resistance is back at 77.50 from last Tuesday's high. The EUR/JPY is also moving lower as real money funds shed exposure to the EUR and may be parking funds in Japanese government bonds as a safe haven. The swing low of 100.75 stands out as support on the daily chart with resistance of 106.50 from the mid-November high.

Current Time: 05/27 01:40 GMT

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