- USD/JPY currently trading at 112.90 levels.
- It made intraday high at 113.05 and low at 112.42 levels.
- Today Japan released manufacturing PMI data. It fell to its lowest level in eight months in February.
- Japan's flash manufacturing Purchasing Managers' Index fell to 50.2 in February, from last month's final reading of 52.3.
- Intraday bias remains bullish for the moment.
- A daily close below 112.30 levels will confirm the bearish trend again.
- Resistance levels are seen at 113.37, 114.87 and 115.84 levels.
- On the other side, support levels are seen at 112.30, 110.98 and 109.26 levels.
We prefer to take long position in USD/JPY around 112.80, stop loss 112.30 and target 114.87 levels.
