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.


EUR/USD Bearish Rebound: Selling the Rallies Near Trendline Resistance
FxWirePro- Major Crypto levels and bias summary
FxWirePro: GBP/USD retreats as Bailey warns of prolonged inflation risks
FxWirePro- Major Pair levels and bias summary
FxWirePro- Major Pair levels and bias summary
FxWirePro- Major Crypto levels and bias summary
FxWirePro: EUR/AUD bearish momentum builds ,eyes 1.5900 level
FxWirePro: USD/CAD edges lower but outlook is still bullish
FxWirePro: GBP/NZD positions for another climb, eyes 2.3700 level
Major Pair Currency Score & Key Levels to Watch: GBPUSD Extremely Bearish; EURUSD, NZDUSD and AUDUSD Bearish; USDCAD and USDCHF Bullish
JPY Major Currency Score: USD/JPY Bullish, Other Pairs Neutral
AUD/JPY Stays Above 110 as Weak Yen Fuels a Potential Move Toward 112
FxWirePro: USD/JPY edges higher, remains on bullish path
FxWirePro: USD/CAD climbs to 18-month peak after sharp Canadian employment decline
NZD/JPY Double Bottom Signals a Potential Push Toward 90 as 88 Support Holds
FxWirePro: EUR/NZD uptrend looks tired, but continues to hold 



