USD/JPY: Moving higher once above 108.10

Japan’s Trade Balance posted a modest surplus while USD/JPY is technically neutral in the short-term, according to     FXStreet’s Chief Analyst Valeria Bednarik.

Key quotes

“Japan released its March Merchandise Trade Balance, which posted a surplus of ¥4.9 B, well below the expected ¥917.2 B. Imports were down by 5% in the same month, better than the -14.4% forecast, although exports plummeted by 11.7%.” 

“In the 4-hour chart, the USD/JPY pair offers a neutral-to-bearish perspective, as it trades within congestion of moving averages, as technical indicators turned modestly lower within neutral levels.”

“USD/JPY could gather some positive momentum on a break above 108.10, although sustainable gains are unlikely during the upcoming sessions.”