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USD/JPY: unimpressed by US trade data, trades around 120.35

FXStreet (Mumbai) - The spike in the US trade deficit triggered by the drop in the exports to multi-year lows failed to trigger any moves in the USD/JPY pair.

Range intact

The spot continues to trade in the narrow range of 120.41-120.26 established during the European session today. The commerce department in the US reported an increase in the August trade deficit; courtesy of exports dropping to 4-year low. However, FX markets have not reacted to the data. The treasury yields too are trading lacklustre.

The early weakness in the European stocks had strengthened the bid tone on the JPY. Consequently, the pair is likely to remain focused on the sentiment on the Wall Street.

USD/JPY Technical Levels

As mentioned, the spot is restricted to a narrow range of 120.41-120.26. Thus, a break above 120.41 could see the pair target 120.56 (range target), followed by a major hurdle at 120.87 (200-DMA). On the other side, a break below 120.26 could open doors for 120.00 and 119.54 (symmetrical triangle support).

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