USD/JPY PRICE OUTLOOK: US DOLLAR EXTENDS PULLBACK ON ISM MANUFACTURING PMI MISS
- US Dollar beneath strain as Monday’s buying and selling session will get underway
- USD/JPY value motion sliding to each day lows following softer PMI knowledge
- ISM manufacturing was reported at 60.7 versus the 65.zero forecast
The US Greenback is hitting new session lows proper now within the wake of disappointing PMI knowledge simply launched by the Institute of Provide Administration. USD/JPY at present trades 34-pips decrease intraday with the transfer to the draw back almost erasing final Friday’s sharp rise. In response to the DailyFX Economic Calendar, the ISM manufacturing PMI crossed market wires with a studying of 60.7, which was beneath the 65.zero forecast. The weaker-than-expected PMI report additionally displays a deceleration in manufacturing exercise from final month’s print of 64.7, however the sector continues to develop nonetheless.
USD/JPY PRICE CHART: 15-MINUTE TIME FRAME (29 APRIL TO 03 MAY 2021)
Comparatively softer PMI knowledge could also be inflicting an unwind of US Greenback energy seen late final week in response to Dallas Fed President Robert Kaplan suggesting it’s time to begin speaking about FOMC tapering. To that finish, USD/JPY value motion could possibly be headed towards the 108.80-level to check nearside technical support earlier than April lows come into focus for US Greenback bears.
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