USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.21% against the JPY and closed at 101.39.
In the Asian session, at GMT0300, the pair is trading at 101.4, with the USD trading a tad higher against the JPY from yesterday’s close.
Overnight data indicated that, Japan’s Tankan large manufacturing index unexpectedly remained steady at a level of 6.0 in 3Q 2016, against market anticipation for an advance to a level of 7.0. Further, the nation’s non-manufacturing index dropped to a level of 18.0 in 3Q 2016, in line with market expectations, highlighting a fragile economic recovery. In the prior quarter, the Tankan non-manufacturing index had recorded a reading of 19.0.
Separately, the nation’s final Nikkei manufacturing PMI rose to a level of 50.4 in September, after recording a reading of 50.3 in the preliminary figure.
The pair is expected to find support at 100.84, and a fall through could take it to the next support level of 100.27. The pair is expected to find its first resistance at 101.86, and a rise through could take it to the next resistance level of 102.31.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
