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Forex: USD/JPY closer to Friday's close

FXstreet.com (Barcelona) - The USD/JPY is attempting to complete the full retracement of the losses suffered as soon as the market opened for the week, hitting 94.09 low. The pair is currently trading 100 pips higher, at 95.09, and has already reached as high as 95.19, closer to Friday's close of 95.31.

The EMU trade surplus eased from €10.3B to €9.0B in January (consensus of €3.4B), with non-seasonal data becoming deficit from €10.8B to €-3.9B, with consensus at €-3.5B. The economic calendar showed an Italian global trade deficit in January, at €-1.619B, instead of the €2.110B surplus expected following December's €2.105B. Trade within the EU improved from €-1.212B to €0.663B.

“A reversal has been confirmed at 94.16 low and current intraday outlook is positive, for a test of 95.50 resistance area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to 96.70 high in case of a break above resistance.

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