USD/JPY kicking off with volatility in tight range

FXStreet (Guatemala) - USD/JPY is currently trading at 119.69 with a high of 119.74 and a low of 119.58.

USD/JPY commenced the open in Tokyo looking as though it was going to be a lively start but in the end, we were moving just a quick 10 pips to the downside before a recovery back into the sideways zone.

USD/JPY's fundamentals stay with the greenback in recent trading overall, however, the Japanese merchandise trade balance was released just prior to the open in Tokyo and arrived at ¥229.3B for the month of March, which was way above forecasts of ¥50B, with imports (YoY) coming in at -14.5%, below expectations of -12.8%, while exports (YoY) met forecasts of 8.5% giving the Yen a bit of a boost to start the show off.

Technically, Valeria Bednarik, chief analyst at FXStreet explained that the major is clearly bullish, with the Momentum indicator heading higher well above its mid-line, and the RSI indicator consolidating around 58. The pair needs to advance beyond 120.15 to confirm a stronger intraday advance, up to the 120.80 price zone.