FxWirePro: USD/JPY extends rally for the second straight session, markets cheer stronger Chinese exports data

• Verbal intervention from Japanese officials trying to put a pause the continued strength in the Japanese currency saw USD/JPY stage a rally overnight .
   
• China's trade balance for March came in at $ +29.86 bln, slightly below estimates at $ +30.85 bln.
   
• Details showed that exports and imports picked up pace in March, further boosting investors’ confidence on improved risk sentiment.
   
• Risk-on rally in the Asian equities, particularly the Japanese stocks, support recovery in USD/JPY in the Asian session today.
   
• The pair has  taken out Tuesday’s high at 108.79 and is on track to retake the 109 handle, is currently trading around 108.84 levels.
   
• Next immediate resistance above 109 is seen at 109.09 (23.6% Fib retrace of 113.803 to 107.630 fall). Breaks above could see gains upto 109.90.
   
• 5-DMA at 108.30 is immediate support on the downside ahead of 107.63 (Apr 11th lows).
   
• In the U.S. calendar, focus remains on the US retail sales and PPI releases due later today for fresh direction along with Thursday’s inflation report.
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Recommendation: Good to buy dips around 108.75/80, SL: 108.30, TP: 109/109.70