The US ISM Manufacturing Purchasing Managers’ Index (PMI) is a key economic indicator that provides insights into the health of the manufacturing sector in the United States. The latest data on the US ISM Manufacturing PMIs for the month of June is eagerly awaited by investors and analysts alike. It is important to note that any changes to the preliminary numbers released earlier could have a significant impact on market sentiment towards the US economy.
In addition to the US ISM Manufacturing PMIs, investors will also be paying close attention to the finalized S&P Global Manufacturing PMI numbers for June. The initial survey indicated a slight increase from 51.3 to 51.7, which could influence market sentiment towards the manufacturing sector. While these statistics may not directly impact the USD/JPY currency pair, it is essential to consider the broader implications for the overall economic landscape.
Apart from the manufacturing PMI data, there are several other factors that could potentially impact the USD/JPY currency pair. These include speeches by FOMC members, reactions to the US Personal Income and Outlays Report, consumer confidence numbers from Japan, and statements from central bank officials. Investors should closely monitor any developments in these areas as they could affect investor expectations and market trends.
From a technical perspective, the USD/JPY currency pair is currently trading well above the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a bullish trend. A breakout above the June 28 high of 161.283 could potentially push the pair towards the 162 handle. On the other hand, a drop below the 160 handle could indicate a bearish trend, with the 50-day EMA serving as a crucial support level at $151.685. The Relative Strength Index (RSI) at 72.85 suggests that the USD/JPY is in overbought territory, which could lead to increased selling pressure in the near term.
The US ISM Manufacturing PMIs and other key economic data releases will play a crucial role in shaping market sentiment and influencing investor decisions. It is essential for traders and analysts to carefully analyze these factors and stay informed about the latest developments in order to make well-informed trading decisions in the dynamic financial markets.
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