US data overnight was mixed, with jobless claims dropping below 250k (one would have to go back to 1973 to find a lower print), but the Philadelphia Fed was back in negative territory. USD broadly weaker in Asia today an…
US data overnight was mixed, with jobless claims dropping below 250k (one would have to go back to 1973 to find a lower print), but the Philadelphia Fed was back in negative territory.
USD broadly weaker in Asia today and with no significant local data or events scheduled, markets likely to track sentiment.
Data released earlier today showed Japan's Manufacturing conditions in Japan worsened at sharpest pace in over three years in April.
Flash Japan Manufacturing PMI came in at 48.0 compared to 49.1 in March, signals quickest deterioration in manufacturing conditions since January 2013.
USD/JPY is trading in a tight range in Asian session after being rejeted at strong trendline resistance at 109.90 on Thursday.
The pair has broken minor support at 109.40 on the 4H charts but downside sees strong support by 4H cloud top at 109.25. Weakness only on break below.
Immediate support and resistance are seen at 109.25 (4H cloud top) and 109.55 (trendline).
Recommendation: Short breaks below 109.25, SL: 109.65, TP: 108.90/108.75/108.60
