USD/JPY recovers ground
USD/JPY recovers ground after the last week's bearish correction, testing the levels above 98.00. Japanese currency weekened vs. the greenback as Japan's trade deficit widened to the record levels.
“The miss on Japan’s export side has led people to believe that more stimulus may be needed,” analysts at Canadian Imperial Bank of Commerce in London say. “The prospect of that will probably be enough to keep the yen on the defensive. This week, the US jobs data is the headline act for the pair.”
Resistance for USD/JPY lies at 98.10/20, 98.40 and 98.60, while support - at 97.55 and 97.15 (200-day MA).
Chart. H4 USD/JPY