Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Yen Trading Higher, After August Manufacturing PMI

Published 09/01/2015, 04:32 AM
Updated 03/09/2019, 08:30 AM

USD/JPY

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.01% against the JPY and closed at 121.21.

Over the weekend, the preliminary industrial production in Japan unexpectedly eased 0.60% MoM in July, compared to a rise of 1.10% in the previous month.

Yesterday, July’s housing starts advanced 7.40% YoY in Japan, lower than market expectations for a rise of 11.00% and previous month’s 16.30% rise. The construction orders in the country dropped 4.00% YoY in July, after climbing 15.40% in the previous month. Japan’s capital spending rose lesser than expected by 5.60% in 2Q 2015. Capital spending had recorded a rise of 7.30% in the prior quarter.

In the Asian session, at GMT0300, the pair is trading at 120.75, with the USD trading 0.37% lower from yesterday’s close.

Early this morning, the final manufacturing PMI in August advanced to 51.70 in Japan, compared to a level of 51.20 in the previous month and preliminary figure of 51.90.

The pair is expected to find support at 120.42, and a fall through could take it to the next support level of 120.08. The pair is expected to find its first resistance at 121.26, and a rise through could take it to the next resistance level of 121.77.

Going ahead, investors would watch out for the release of Japan’s monetary base data for August, scheduled in the midnight.

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.