The yen gained while equities dropped sharply in Japan on Thursday, the first time stock markets had opened since Friday in the Asian nation.
The USD/JPY pair fell 0.30% to ¥119.90 on Thursday morning in Tokyo, from ¥120.26 at the close of trade in New York on Wednesday, hitting an intraday low of ¥119.85.
Japan's benchmark Nikkei 225 index shed 2.29% to trade at 17,656.36 points before the lunch break in Tokyo, while the broader Topix gauge tumbled 1.80% to 1,436.03 points, heightening risk aversion and boosting the Yen.
Traders shrugged of Japan's Nikkei Manufacturing Purchasing Managers' Index (PMI), which fell from 51.7 in August to a preliminary 50.9 this month. Analysts expected the index to read 51.2 in September, however, the index held above the 50 mark, which indicates that the industry remains in expansion.
We prefer to take short position on USDJPY, Entry 120.15, Stop Loss 121.31, and Target 118.60.


FxWirePro: EUR/AUD bears maintain upper hand
FxWirePro: AUD/USD drifts back to familiar territory post-US CPI
FxWirePro: GBP/NZD retreats despite upbeat UK GDP growth data
FxWirePro: USD/CNY hovers near 3-1/2 year low, scope for further downside
Euro Rally Drives EUR/JPY Past 183.50: Upside Targets 185.00 in Focus
FxWirePro: USD/JPY steadies around 159.30, bias bullish
FxWirePro: GBP/AUD eases despite better-than-expected UK GDP growth data
FxWirePro- Woodies pivot (Major)
FxWirePro- Major Crypto levels and bias summary
FxWirePro- Woodies pivot (Major)
FxWirePro: AUD/USD gains modestly as softer U.S. data pressures greenback
Buy the Dip? AUDJPY Holds Trendline Support Near 112
FxWirePro- Major Pair levels and bias summary
FxWirePro: EUR/ AUD eases slightly, focus on near term support
FxWirePro: NZD/USD slips as geopolitical and domestic political risks weigh 



