USD/JPY: Japanese manufacturing PMI dropped less than expected in October


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.45% against the JPY and closed at 113.64.

Overnight data indicated that the final Nikkei manufacturing PMI in Japan fell less than previously expected to a level of 52.8 in October, compared to a four-month high reading of 52.9 in the prior month. The preliminary figures had indicated a fall to 52.5.

In the Asian session, at GMT0400, the pair is trading at 113.85, with the USD trading 0.18% higher from yesterday’s close.

The pair is expected to find support at 113.23, and a fall through could take it to the next support level of 112.6. The pair is expected to find its first resistance at 114.21, and a rise through could take it to the next resistance level of 114.56.

With no major economic release in Japan today, traders will look forward to the consumer confidence index for October, set to release in early hours of tomorrow.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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