The USD/JPY loses momentum but holds above the 145.60 mark heading into the early European session on Wednesday. Markets turn cautious ahead of the US
data due later in the North American session. The major pair currently trades near 145.62, losing 0.19% on the day.
Japan's manufacturing shrank for a third straight month in August, according to the latest figures released on Wednesday. Jibun Bank's flash PMI reading for Japan's manufacturing sector in August showed a rise to 49.7 from 49.6. The figure was under the predicted 49.5. While the Service PMI increased from 53.8 to 54.3.
Technically, the USD/JPY pair stands above the 50- and 100-hour Exponential Moving Averages with an upward slope, which means the path of least resistance is to the upside for the major pair. The immediate resistance level for USD/JPY appears at 145.85 . The additional upside filter to watch is seen at a high of August 21 and the upper boundary of the Bollinger Band of 146.35. Any meaningful follow-through buying above the latter would challenge a Year-To-Date high of 146.55. Further north, at 147.00 will be a tough nut to crack for theOn the flip side, the initial contention for the major pair is located at 145.30 .
It’s worth noting that the Relative Strength Index stands in bearish territory below 50, which indicates that the downside momentum has been activated for the time being.
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