Japan’s Flash Manufacturing PMI Fell In April

USDJPY

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD weakened 0.35% against the JPY and closed at 109.43.

In the Asian session, at GMT0300, the pair is trading at 109.45, with the USD trading marginally higher from yesterday’s close.

Early this morning, data showed that Japan’s preliminary Nikkei manufacturing PMI unexpectedly dropped to a level of 48.0 in April, its fastest decline in more than three years, compared to market expectations of an advance to a level of 49.5. In the prior month, manufacturing PMI had registered a level of 49.1.

The pair is expected to find support at 109.19, and a fall through could take it to the next support level of 108.92. The pair is expected to find its first resistance at 109.79, and a rise through could take it to the next resistance level of 110.13.

Going ahead, investors will look forward to Japan’s national consumer price index, industrial production, and unemployment rate data, along with the BoJ’s interest rate decision, all scheduled next week.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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