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5 May 2015
USD/JPY pulls back weighed by US trade deficit
FXStreet (Córdoba) - USD/JPY pulled back from 3-week highs and trimmed intraday gains following the release of US trade balance data.
The US trade deficit widened more than anticipated to 51.37 billion in March, recording the highest deficit since 1996. Expectations were for a $41.2 billion deficit from a revised $35.9 billion in February.
The dollar weakened across the board following trade data and dropped nearly 30 pips against the yen, pulling away from the 120.50 area. At time of writing, USD/JPY is trading at 120.25, still 0.12% above its opening price.
USD/JPY levels to watch
In terms of technical levels, USD/JPY could find immediate resistances at 120.50 (daily high) and 120.83 (Apr 13 high), while supports are seen at 120.02/119.99 (May 5 & 4 lows) and 119.60 (21-day SMA).
The US trade deficit widened more than anticipated to 51.37 billion in March, recording the highest deficit since 1996. Expectations were for a $41.2 billion deficit from a revised $35.9 billion in February.
The dollar weakened across the board following trade data and dropped nearly 30 pips against the yen, pulling away from the 120.50 area. At time of writing, USD/JPY is trading at 120.25, still 0.12% above its opening price.
USD/JPY levels to watch
In terms of technical levels, USD/JPY could find immediate resistances at 120.50 (daily high) and 120.83 (Apr 13 high), while supports are seen at 120.02/119.99 (May 5 & 4 lows) and 119.60 (21-day SMA).