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COZfx: Japan’s trade deficit widens in November

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COZfx: Japan’s trade deficit widens in November

Postby dwang » Wed Jan 15, 2014 4:22 am

COZforex: For the past trading session, the USD weakened 0.80% against the JPY and closed at 103.12.

In the Asian session, the pair is trading at 103.36, with the USD trading 0.24% higher from yesterday’s close. Earlier today, an official report from Japan showed that trade deficit in the nation widened to ¥1,254.3 billion in November, from a deficit of ¥1,091.9 billion, registered in the preceding month.

In addition, the Bank of Japan reported that bank lending in the nation rise 2.3% in December, following a 2.2% rise witnessed in the previous month. Separately, the Cabinet Office’s Eco watchers survey for the current economic situation of Japan rise to a reading of 55.7 in December, from previous month’s level of 53.5.

Meanwhile, the Eco watchers survey for the outlook of Japan economy edged down to a reading of 54.7 in December, from a figure of 54.8 recorded in November.

In technical analysis, COZFX strategist Nigel Boynton said, USD/JPY is predicted to find support at 102.95 and a drop through could take it to the next support line of 102.53. Meanwhile, the pair is predicted to find its first resistance at 103.68, and a rise through could take it to the next resistance line of 103.99.

Amid the later course of the day, the BOJ is expected to publish a report on the level of M2 money supply in the nation.

(COZ forex UK)
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