The Bank of Japan’s quarterly Tankan surveys showed a mixed result. Manufacturing sector eased to 12, falling from 19 in the previous quarter and missing estimates. The nonmanufacturing sector was also lower at 21, easing from 24 in the previous quarter. Both the surveys missed the median estimates and came out lower than expected.
Can the USDJPY Maintain the Gains?
The USDJPY currency pair gapped higher on today’s open and price action is likely to test the upside near 111.40. Establishing resistance here could potentially confirm the medium term sideways range between 111.40 and 109.84 levels. The bias shifts only if the USD/JPY will be able to break out past 111.40.
