USD/JPY reacts to minor data release

Source: Dukascopy Bank SA


The USD/JPY appears to have been impacted by the usually insignificant publication of the Richmond Manufacturing Index. The index is a survey of 55 manufacturers. It was revealed to the world that these firms expect twice as worse future than expected. It was the needed info for the pair to start a move. It started to decline and by mid-Thursday the rate had almost reached the 140.50 level.

An extension of the ongoing decline is expected to be slowed down by the 140.50 level. Below 140.50, the rate is set to find support in the 140.00 mark and the weekly S1 simple pivot point at 139.87.

On the other hand, a recovery of the US Dollar against the Japanese Yen is bound to encounter resistance in zones that previously acted as support. Namely, note the 140.95/141.20 and 141.85/142.05 ranges. In addition, the 141.85/142.05 range is strengthened by the 50 and 100-hour simple moving averages.
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