The USD has attempted to regain its losses against the Japanese yen during the previous trading session as the market went unaffected by a slew of highly positive economic data from China, namely Exports and Imports data, as well as the Chinese Trade Balance data. During the Tokyo trading session last Friday, the USD was able to regain its upward balance following its recent decline, while buyer strength manifested positive bid stances which caused the pair to exceed 115.00 points prior to the opening of the North American session. But this upward movement eventually lost its momentum which then caused the USD/JPY pair to drop back to lower than 115.00 points. Traders also induced the currency pair to drop further to 114.00 points during the middle of the New York trading session. The USD/JPY pair was able to test the 50 EMA in the hourly chart. Resistance levels for the USD/JPY is situated at 115.00, while support levels are expected to be at 114.00 points.
For the next trading session, the USD/JPY pair could possibly decrease further in value and could hit 114.00 up to 113.00 points unless buyer strength could help the currency pair to consolidate just above 116.00 points.