During Friday’s trading session EUR/JPY traded within the range of 141.38-141.66 and closed at 141.41.
Fundamental view
The Japanese Ministry of Finance is scheduled to release official data at 23:50 GMT on April 20th. In February the deficit was 800.3 billion JPY, as annualized exports rose 9.8% and annualized imports climbed 9.0%. At the same time, Japan’s seasonally adjusted merchandise trade balance produced a deficit at the amount of 1,133.2 billion JPY in February.
The Japanese trade balance reflects the international transactions of goods and services (exports and imports) and measures them at prices free on board (FOB). The trade balance covers five major categories of total trade (general merchandise): goods production, repairs on goods, goods acquired in ports by carriers and non-investment gold. The acquisition of investment gold and investments in gold savings accounts are not included in the index. Total trade involves transactions of movable goods for which there is a change in ownership between domestic and foreign partners. Goods production includes all raw materials exported or imported for production, as well as those that are subject to re-export. The repair of the goods includes movable goods which are subject to import or export for repair, such as aircraft or ships owned by domestic or foreign entities. Goods purchased in ports by carriers include fuel, food staff and other products acquired in Japan or overseas carriers( as a ships or aircrafts) from local or foreign entities. Non-investment gold covers all transactions in gold, with the exception of the gold reserves of the government, which do not relate to investment gold or gold savings accounts.
A higher than expected reading would heighten the appeal of the yen.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/JPY manages to breach the first resistance level at 141.59, it will probably continue up to test 141.76. In case the second key resistance is broken, the pair will probably attempt to advance to 141.87.
If EUR/JPY manages to breach the first key support at 141.31, it will probably continue to slide and test 141.20. With this second key support broken, the movement to the downside will probably continue to 141.02.
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