- USD/JPY rejected resistance level
- Japan’s Flash Manufacturing PMI
- World Economic Forum Annual Meetings Day 2
Price Movement
Overall since yesterday, USD/JPY has been moving downwards.
Trend
USD/JPY is trending upwards.
Macro Background
The Manufacturing PMI measures the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.
(Note: Manufacturing PMI of above 50.0 implies industry expansion whereas a figure of below 50.0 implies industry contraction.)
The Japanese Flash Manufacturing PMI was released at a lower than expected 50.0.
Important Issue
Day 2 of the World Economic Forum annual meeting. Comments made by highly influential figures may cause market volatility.
Technical
USD/JPY tested and rejected the resistance level of 109.744 and is currently moving downwards.
Price Levels
Current Price: 109.511
Next Resistance: 109.744
Next Support: 108.734
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