This morning, the Jibun Bank Japan manufacturing purchasing managers index edged down to 53.2 in May (vs 53.0 expected), lowest for 3 months. However, the services purchasing managers rose to 51.7 (vs 50.7 expected), the highest for 5 months.
USD/JPY is under pressure this morning
The currency pair has broken below a rising trend line.
The 20/50MAs validated a bearish cross.
The RSI (14) struck against a key resistance near 60% and is reversing down.
Suggest short positions below 127.60 with targets at 127.10 & 126.90 in extension.
Above 127.60 look for further upside with 128.05 & 128.30 as targets.
- 00:01:05
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