- Yen weak after Japanese manufacturing PMI miss, Japan Final Manufacturing PMI down to 51.2 in July from previous 51.4
- USD/JPY bounced-off Friday's lows after U.S. labour data-blow, reached highs at 124.12 in early moves and has currently eased-off slightly to hovers around 124 handle
- Crucial week ahead in terms of key US economic releases while BOJ's monetary policy statement will also remain in focus
- US Core PCE index and ISM manufacturing PMI due later in the day will be watched for further momentum in the pair
- USD/JPY is currently trading at 124.01, daily Tenkan-Sen at 123.78 offers strong support, breach of which could see falls to 123. 34 (daily cloud top)
R1: 124.36 (Jul 31 highs)
R2: 124.57 (Jul 30 highs)
R3: 124.63 (Daily High Jun 10)
Support Levels:
S1: 123.78 (Daily Tenkan-Sen)
S2: 123.52 (Session Low July 31)
S3: 123.34 (Daily Cloud Top)
