USD/JPY well supported around 123.68 – OCBC

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, noted occasional pullbacks in spot to find decent support in the 123.68 area, or 55-day MA.

Key Quotes

“Late Tuesday, Japan’s July trade deficit clocked a larger than expected shortfall with the pair expected to remain moribund albeit slightly top heavy in the short term”.

“Technically, the 55-day MA (123.68) may continue to provide a downside buffer with the 125.00 resistance still intact for now”.