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by ForexNewsNow Team on December 21, 2010

Japan trade balance surplus expected to grow

NEW YORK (Forex News Now) – The Japanese Ministry of Finance is due on Tuesday to publish key data on the trade balance, in a major realtime forex news event.

The report is expected to show that the difference in value between imports and exports rose to a surplus of 0.63 billion in November, according to two major online FX trading news outlets, up from a surplus of 0.58 billion the previous month.

The ministry is scheduled to release the report at 11:50 P.M., GMT; as such the data should have an impact on currency market trading the following day.

According to USD/JPY analysis, a lower-than-forecast surplus could lift the currency pair toward short-term resistance around the Dec. 15 high of 84.50.

But should the data show a greater-than-forecast surplus, the currency pair could push toward short-term support around the Dec. 13 low of 83.10.

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