News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • #SP500 and #DowJones may fall based on recent technical warning signs, will retail investors chase the bottom and what may that mean for their price trends? - https://www.dailyfx.com/forex/technical/article/special_report/2020/09/23/SP-500-and-Dow-Jones-May-Fall-Will-Retail-Investors-Chase-the-Bottom.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/aSpylweldY
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/7SXusrNOtH
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.08% 🇯🇵JPY: -0.13% 🇨🇦CAD: -0.14% 🇪🇺EUR: -0.25% 🇳🇿NZD: -0.28% 🇦🇺AUD: -0.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/wmhHLJysGa
  • Heads Up:🇳🇱 GDP Growth Rate QoQ Final (Q2) due at 04:30 GMT (15min) Expected: -8.5% Previous: -1.5% https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇳🇱 GDP Growth Rate YoY Final (Q2) due at 04:30 GMT (15min) Expected: -9.3% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇯🇵 All Industry Activity Index MoM (JUL) due at 04:30 GMT (15min) Previous: 6.1% https://www.dailyfx.com/economic-calendar#2020-09-23
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.70% Germany 30: 0.42% France 40: 0.38% Wall Street: 0.35% US 500: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/wjtAMSYONm
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.35B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.30B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • #Copper Price Outlook Remains Bullish Despite Shift in Risk Appetite #XCUUSD $HG https://www.dailyfx.com/forex/market_alert/2020/09/23/Copper-Price-Outlook-Remains-Bullish-Despite-Shift-in-Risk-Appetite.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/VvFm9ekfaB
USD/JPY Looks Towards Resistance on Improved US Services Activity

USD/JPY Looks Towards Resistance on Improved US Services Activity

2014-05-05 14:49:00
Baruch Spier,
Share:

Talking Points:

  • US ISM Non-Manufacturing reaches a 9-month high
  • US PMI Services improved from earlier April reading
  • USD/JPY heads towards resistance

Want to trade with proprietary strategies developed by FXCM? Find out how here.

Actual

Expected

Previous Estimate

Prior

US ISM Non-Manufacturing Composite (APR)

55.2

54.0

53.1

US ISM Non-Factory Employment (APR)

51.3

53.6

US Markit Services PMI (APR F)

55.0

54.5

54.2

55.3

US Markit Composite PMI (APR F)

55.6

54.9

55.7

The US Dollar rallied in Forex markets after the Markit Services PMI was revised higher from a previous estimate, and the greenback took further gains again after the release of the US ISM Non-Factory index at a 9-month high and above expectations. The two similar surveys, ISM and PMI, each indicated continued expansion in the respective US services and non-factory industries during the month of April.

Expanding sector activity indicates likely improvements in upcoming US economic growth. The Fed announced last week in its April statement that economic growth picked up since March, and the continuation of the current taper pace depends on future economic releases. That’s why indications of economic expansion are bullish for the US Dollar.

USD/JPY 1-Minute: May 5, 2014

USD/JPY Looks Towards Resistance on Improved US Services Activity

The US Dollar rose about 15 pips against the Japanese Yen after the PMI release, and USD/JPY may continue to find resistance by the 102.70 level. Technical Strategist Jamie Saettele says the USD/JPY rally from the February low makes 104.12 important from a bigger picture bearish perspective. See Jamie’s weekly chart below and read here.

USD/JPY Weekly by Jamie Saettele

USD/JPY Looks Towards Resistance on Improved US Services Activity

Charts created by Baruch Spier and Jamie Saettele using Marketscope 2.0. Add DailyFX Support/Resistance to your charts at FXCM Apps.

-- Written by Baruch Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES