USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.12% against the JPY and closed at 108.06.
In the Asian session, at GMT0300, the pair is trading at 108.24, with the USD trading 0.17% higher against the JPY from yesterday’s close.
Overnight data showed that Japan’s final manufacturing PMI contracted at its fastest pace in 7 months to a level of 48.9 in September, in line with market expectations and confirming the preliminary print. The PMI had recorded a reading of 49.3 in the previous month. Meanwhile, the nation’s unemployment rate remained steady at 2.2% in August, defying market anticipations for a rise to 2.3%.
The pair is expected to find support at 107.91, and a fall through could take it to the next support level of 107.59. The pair is expected to find its first resistance at 108.40, and a rise through could take it to the next resistance level of 108.57.
Amid lack of macroeconomic releases in Japan today, investors would focus on global macroeconomic releases for further direction
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
