The USD/JPY pair is under pressure amid the dollar’s weakness and may fall below the 109.00 level, Valeria Bednarik, Chief Analyst at FXStreet, reports.
Japanese Trade Balance posted a larger-than-anticipated surplus of ¥524.2 billion
“Japan published its February Current Account which posted a surplus of ¥2916.9 billion, largely surpassing the ¥1996 billion expected. The Trade Balance for the same month improved to ¥524.2 billion from ¥-130.1 billion in the previous month. Also, March Consumer Confidence printed at 36.1, better than the previous 33.8. The Eco Watchers Survey for the current situation came in at 49, while the Outlook resulted in 49.8.”
“The US session will bring Initial Jobless Claims for the week ended April 2, foreseen at 680K from 719K previously and a speech from US Federal Reserve chief Jerome Powell, due to participating in a panel discussion about the global economy at a virtual International Monetary Fund Seminar.”
“The USD/JPY pair maintains a sour tone, with the risk skewed to the downside in the near-term. The pair bottomed for the day at 109.43, the level to break to test bulls’ determination around the 109.00 threshold.”