The Japanese Manufacturing PMI Entered Into Contraction Territory
GCI Financial | Apr 23, 2015 02:25AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.28% against the JPY and closed at 119.99.
In the Asian session, at GMT0300, the pair is trading at 119.99, with the USD trading flat from yesterday’s close.
Early morning data indicated that the preliminary manufacturing PMI in Japan unexpectedly fell to 49.70 in April, following previous month’s level of 50.30, while market anticipation were for it to rise to 50.70.
The pair is expected to find support at 119.52, and a fall through could take it to the next support level of 119.05. The pair is expected to find its first resistance at 120.29, and a rise through could take it to the next resistance level of 120.58.
Going forward, investors would keep a close eye on the BoJ Deputy Governor, Hiroshi Nakaso’s speech, scheduled tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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