USD/JPY struggles to move higher after getting a boost from the better than expected US trade deficit. The headline number came in better than expected at USD 58.87 billion, helping USD/JPY up to the 117.15 level.
Follow through has been well contained amid standing offers from 117.20 up 117.30. Exporter interest has been a feature of today's session but it is sovereign activity that has been behind USD/JPY's stubbornness on the topside. Commercial activity featured in yesterday's session and further interest has managed to contain the pair despite an improving technical picture.
Elsewhere, the JPY crosses retain a bid tone, with GBP/JPY, EUR/JPY, AUD/JPY and NZD/JPY outperforming. EUR/JPY has managed to record a 155.11 high, yet a congestion of profit take orders and Japanese orders flows is capping further gains. 155.20 remains a near-term pivot point ahead of an extended run on 156.75, which is the 2%moving average band top.
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