USD/JPY: Japan’s manufacturing sector growth revised lower in August


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.25% against the JPY and closed at 110.06.

In the Asian session, at GMT0300, the pair is trading at 110.05, with the USD trading slightly lower against the JPY from yesterday’s close.

Overnight data indicated that Japan’s final Nikkei manufacturing PMI rose less than initially estimated to a level of 52.2 in August, while the preliminary figures had indicated an advance to a level of 52.8 and compared to a level of 52.1 in the previous month.

The pair is expected to find support at 109.73, and a fall through could take it to the next support level of 109.41. The pair is expected to find its first resistance at 110.52, and a rise through could take it to the next resistance level of 110.99.

Moving ahead, market participants will look forward to Japan’s final GDP numbers for 2Q 2017, slated to release next week.

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

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