USD/JPY: Japan’s manufacturing sector growth eased more than initially estimated in July


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.11% against the JPY and closed at 110.32.

In the Asian session, at GMT0300, the pair is trading at 110.13, with the USD trading 0.17% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s final Nikkei manufacturing PMI was revised lower to a level of 52.1 in July, compared to a preliminary print that indicated a drop to an eight-month low level of 52.2. In the prior month, the manufacturing PMI had recorded a reading of 52.4.

The pair is expected to find support at 109.84, and a fall through could take it to the next support level of 109.54. The pair is expected to find its first resistance at 110.60, and a rise through could take it to the next resistance level of 111.06.

Moving ahead, market participants will look forward to Japan’s consumer confidence for July, slated to release tomorrow.

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

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