Japan's Exports Slump, USD/JPY Bullish Above 107.60

Japanese official data showed that exports declined 11.7% on year in March, Japanese yen has weakened past 107.60 to one dollar...


This morning, Japanese official data showed that Exports declined 11.7% on year in March, much more that a drop of 9.4% estimated.

Exports to the U.S. slumped 16.5%, and those to China were down 8.7%.

World-wide demand for cars, auto parts and other heavy machinery from the country was heavily impacted by the global coronavirus pandemic.

The Japanese yen weakened against the U.S. dollar after the data, falling past 107.60 to one dollar.

Source: GAIN Capital, TradingView

On an intraday 30-minute chart, USD/JPY has returned to levels above both 20-period and 50-period moving averages. In fact, it swung up to the upper Bollinger band keeping the intraday outlook as bullish. Trading above the key support at 107.60, the pair would encounter resistance at 107.95 and 108.10 on the upside

Alternatively, below 107.60, further support would be found at 107.40.

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