USD/JPY: Japanese Tankan business confidence hits 10-year-high in 3Q 2017


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.17% against the JPY and closed at 112.58 on Friday.

In the Asian session, at GMT0300, the pair is trading at 112.83, with the USD trading 0.22% higher against the JPY from Friday’s close.

Overnight data indicated that Japan’s final Nikkei manufacturing PMI rose more than initially estimated to a level of 52.9 in September, following a level of 52.2 in the prior month. The preliminary figures had recorded an advance to a level of 52.6.

Additionally, the nation’s Tankan large manufacturing index registered a rise to a level of 22.0 in 3Q 2017, topping market expectations of a rise to a level of 18.0 and notching its highest level since September 2007. In the prior quarter, the index had recorded a reading of 17.0. Further, the nation’s Tankan non-manufacturing index remained unchanged at a level of 23.0 in 3Q 2017, while markets were expecting the index to climb to a level of 24.0.

The pair is expected to find support at 112.4, and a fall through could take it to the next support level of 111.96. The pair is expected to find its first resistance at 113.09, and a rise through could take it to the next resistance level of 113.34.

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

This entry was posted in USD/JPY. Bookmark the permalink.

Comments are closed.