USD/JPY trades below 1-hr 50-MA, ignores Japanese trade data

The Dollar-Yen pair is trading below the 1-hr 50-MA level in Asia, with investors paying little attention in the improvement in the Japanese trade balance figures.

The spot was last seen trading around 117.65 levels. The 1-hr 50-level stands at 118.00 levels.

In a report, the Ministry of Finance said that the country’s trade balance rose to a seasonally adjusted JPY 0.54 trillion, from JPY 0.47 trillion in the preceding month.

Ahead in the day, the US preliminary manufacturing PMI release could influence the overall demand for the US dollars.

USD/JPY Technical Levels

A move back above 118.00 (1-hr 50-MA) would expose hourly chart hurdle at 118.40, above which the spot could re-test the recent high of 118.66 levels. On the other hand, breakdown of support at 117.47 (Fri’s low) could yield a test of 117.18 (5-DMA) and then 117.00 (zero figure) levels.