USDJPY UNMOVED DESPITE POSITIVE JAPANESE DATA
The USDJPY pair remains largely unchanged as the trading week begins, despite economic data released today showing that Japanese exports rose in May, reaching levels not seen since January 2015.
Japan's trade balance surplus also unexpectedly fell into deficit in May, with figures showing a strong rise in energy imports largely contributed to the –203.4 billion Yen deficit, versus the expected +43.3 billion Yen surplus.
Short-term indicators suggest the USDJPY pair remains bullish whilst trading above the 110.95 level.
Support comes in 110.75 and Friday's price low at 110.64, with the recent swing high at 111.39 acting as near-term, resistance above 111.11.
In the medium term the USDJPY pair remains neutral, with a clear breach either side of the current 110.51 to 111.64 range needed for the price to find a trending directional bias.