USD/JPY Current price: 106.05
- Japanese Q2 GDP was confirmed at -0.6% QoQ, matching the previous estimate.
- US ISM Manufacturing PMI is foreseen at 53.6 in July from 52.6 in June.
- USD/JPY is biased higher in the short-term but needs to move above 106.45.
The greenback is trading with a better tone this Monday, extending its Friday’s advance against most major rivals. The USD/JPY pair trades around the 106.00 level, after hitting a daily high of 106.43. Market players seem to be in a better mood at the beginning of a busy week, as equities and government bond yields are on recovery mode.
In the data front, Japan published the Q2 GDP, which came in at -0.6% QoQ, matching the previous estimate. Also, the July Jibun Bank Manufacturing PMI was out at the beginning of the day, bouncing from 42.6 to 45.2, beating expectations. The US session will bring the final version of the July Markit Manufacturing PMI, seen at 52 from 51.3, and the official ISM Manufacturing PMI, foreseen at 53.6 from 52.6 in the previous month.
USD/JPY short-term technical outlook
The USD/JPY pair is offering a moderate bullish bias in the short-term, as the 4-hour chart shows that the intraday rally stalled around a bearish 100 SMA. Nevertheless, the pair is developing above a bullish 20 SMA, while technical indicators have resumed their advances within positive levels. Bulls will be in a better position if the pair manages to break above the mentioned daily high.
Support levels: 105.60 105.25 104.80
Resistance levels: 106.45 106.80 107.10
View Live Chart for the USD/JPY
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