22 May 2024, USD/JPY
An event to look out for today:
21:00 GMT+3. USD - Publication of the Fed meeting minutes
USDJPY:
The Japanese yen (JPY) weakened after the release of Japan's trade balance data on Wednesday. The report showed that the trade deficit widened to JPY462.5 billion month-on-month in April, compared to the previous surplus of JPY387.0 billion. This result exceeded market expectations, which expected a deficit of JPY 339.5 bln. The depreciation of the Japanese yen led to an increase in the value of imports, which outweighed the positive results from the growth of exports.
Japan's exports (y/y) rose 8.3% to JPY8,980.75 bln, marking the fifth consecutive month of growth but falling short of forecasts for an 11.1% increase. Imports also rose 8.3%, the strongest growth in 14 months, hitting a four-month high of JPY9,443.26 billion. The rise reversed the trend after a revised 5.1% drop in March.
The U.S. Dollar (USD) rose ahead of the release of the minutes of the Federal Open Market Committee (FOMC) meeting held on May 1, which is scheduled for Wednesday. Rising US Treasury yields supported the dollar.
Trading recommendation: Trade predominantly with Buy orders from the current price level
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