Global macro overview for 12/01/2016:

The Japanese current account data was released overnight and it revealed account surplus for the 17th straight month in November. Japan's current account surplus came in at 1.14 trillion yen, up from 440.2 billion yen a year earlier. It was the much-expected data from Prime Minister Shinzo Abe's economy policy. The surplus was better than expectations mainly due to an increase in income from investments abroad by Japanese companies and a rise in services amid an influx of tourists after the Japanese yen weakened.

The USD/JPY pair is trading below the technical resistance at the level of 118.03. The next support is seen at the level of 116.18.