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USD/JPY Slips On Disappointing US Manufacturing Data

OANDA:USDJPY   U.S. Dollar / Japanese Yen
Weaker-than-expected US manufacturing sector data, which also fueled fears that the US economy is heading for a recession's brink of making the USD / JPY currency pair slip from a two-week high.

A data show that the US manufacturing sector contracted to its lowest level in more than a decade in September as deteriorating business conditions amid tense US-China trade.

The Institute for Supply Management (ISM) said that the national factory index fell to 47.8, the lowest level since June 2009, and is below 50, indicating that the domestic manufacturing sector is contracting.

In line with Japan, the Tankan survey also reported that the confidence of large manufacturing businesses in Japan during the July-September period deteriorated to a six-year low.

Recommendation
Short below 107,890, with 107,614 as Targets, and 108,061 as Stops.
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