USD/JPY: Japanese manufacturing sector growth revised higher in January


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.3% against the JPY and closed at 109.22.

In the Asian session, at GMT0400, the pair is trading at 109.34, with the USD trading 0.11% higher against the JPY from yesterday’s close.

Data released overnight showed that Japan’s final Nikkei manufacturing PMI climbed to a level of 54.8 in January, higher than a rise to a level of 54.4 indicated in the preliminary print and remaining at a nearly 4-year high level. In the prior month, the PMI had recorded a level of 54.0.

The pair is expected to find support at 108.81, and a fall through could take it to the next support level of 108.28. The pair is expected to find its first resistance at 109.66, and a rise through could take it to the next resistance level of 109.98.

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

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