FxWirePro: USD/JPY edges lower from session highs at 120.98, await fresh cues from the European open
Friday, October 23, 2015 4:36 AM UTC
- USD/JPY losses momentum and trades around a flat around 120.63, after hitting session highs at 120.98
- Yen supported by impressive Japan's flash manufacturing PMI, which came in at the highest levels since March 2014
- The Nikkei Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose from 51.0 in September to a preliminary 52.5 in October
- However, the downside remains restricted as the persisting risk-on rally in Asian equities continues to support the USD
- Markets await fresh cues from the European open for further momentum, focus also shifts towards next week's FOMC and BOJ decisions amid a data-deficient macro calendar today
- USD/JPY is currently trading at 120.66, with immediate resistance at 120.93 (200 DMA) and support on the downside at 120.20 (cloud top)
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