Forex: USD/JPY below 98 on disappointing flows data

FXstreet.com (Barcelona) - As Nikkei index just opened in Tokyo down -0.9% still above the 13200 points, few minutes after Japan trade balance and other several data that has been released, USD/JPY is currently breaking below the 98 handle, printing fresh session lows. The pair is down -0.44% for the week so far, retracing from recent session highs at 98.28.

Among the data published, “The flow of funds last week failed to show Japanese investors sending yen offshore as expected,” said ForexLive editor Eamonn Sheridan, adding: “The data this week is again showing Japanese investors not net buying foreign stocks and bonds.” USD/JPY is printing fresh session lows at 97.88 while writing, and Nikkei is down -1.11%.

Immediate support to the downside for USD/JPY lies at April 07 lows 97.50, followed by yesterday's lows at 97.20, and April 04 highs at 96.45. To the upside, closest resistance shows at recent session highs 98.30, followed by yesterday's highs at 98.42, and April 10 lows at 98.90.

Apr 18, 2013

Japan adj trade deficit nears ¥1 trillion in March

The Japanese adjusted trade deficit for March stood at ¥922 billion vs ¥1139.7 the previous month. Japan trade exports rose +1.1% on a yearly basis, more than the +0.4% expected and -2.9% prior, while the imports increased by +5.5%, slightly below the +6.3% expectations, and prior reading of +11.9%. The Merchandise Trade Balance Total came at ¥-362.4 billin vs ¥-493.3 expected and ¥-777.5 billion last.

Forex: AUD/JPY holds previous support, more consolidation ahead?

The AUD/JPY was able to overcome early selling pressure, bouncing off intra-day lows of 99.91 and closing down just 26 pips at 101.28. The pair is drifting lower on the Tokyo open, trading at 100.84 while the Nikkei is down 1%. The economic calendar out of Australia is fairly quiet in the coming session, with the National Australia Bank Business Confidence figures due out at 1:30 GMT. No economic reports are schedules for release for Japan.