USD/JPY Sidelined Around 106.60 Post ISM
USD/JPY is posting decent gains on Monday, with the Japanese currency giving away part of the recent strong advance.
USD/JPY bid despite US data
Spot
is inching higher today despite the US docket has shown another poor
performance, adding to last week’s disappointing readings.
In
fact, the critical US ISM Manufacturing has come in below expectations
for the month of April, recording 50.8 vs. 51.4 initially estimated. In
the same direction, Markit’s manufacturing PMI printed 50.8 vs. 51.0
forecasted. Next on tap will be the speech by FOMC’s Williams.
USD/JPY levels to watch
As
of writing the pair is up 0.22% at 106.68 facing the next hurdle at
109.04 (20-day sma) followed by 111.43 (55-day sma) and finally 111.92
(high Apr.28). On the flip side a break below 106.16 (2016 low May 2)
would open the door to 105.18 (monthly low Oct.2014).
