USD/JPY: Japan’s manufacturing sector activity rose less than initially estimated in December


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.28% against the JPY and closed at 112.56.

In the Asian session, at GMT0400, the pair is trading at 112.65, with the USD trading 0.08% higher against the JPY from yesterday’s close.

Data released overnight revealed that Japan’s final Nikkei manufacturing PMI was revised lower to a level of 54.0 in December, while the preliminary figures had indicated a rise to a level of 54.2. The PMI had recorded a level of 53.6 in the prior month.

The pair is expected to find support at 112.30, and a fall through could take it to the next support level of 111.95. The pair is expected to find its first resistance at 112.89, and a rise through could take it to the next resistance level of 113.13.

Going ahead, market participants would eye the release of Japan’s Nikkei services PMI for December, due overnight.

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

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