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USD/JPY: Japanese Manufacturing Sector Expanded At Its Fastest Pace In Almost 3-Years In January

For the 24 hours to 23:00 GMT, the USD declined 0.94% against the JPY and closed at 112.66.

In the Asian session, at GMT0400, the pair is trading at 113.13, with the USD trading 0.42% higher against the JPY from yesterday’s close.

Overnight data revealed that Japan’s final Nikkei manufacturing PMI advanced to a level of 52.7 in January, expanding at its fastest pace in almost three-years, suggesting that the nation’s manufacturing sector gathered pace in the start of the new year. The preliminary figures had indicated a rise to a level of 52.8 and after recording a reading of 52.4 recorded in the previous month.

The pair is expected to find support at 112.13, and a fall through could take it to the next support level of 111.12. The pair is expected to find its first resistance at 114.05, and a rise through could take it to the next resistance level of 114.96.

Looking ahead, traders look forward to Japan’s consumer confidence index for January, due to release tomorrow.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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