Additional tailwinds include stronger U.S. manufacturing PMI readings: S&P Global at 53.0 (vs. 53.3 expected) and ISM improving from 48.0 to 48.7. Atlanta Fed’s GDPNow estimate for Q3 printed at 3.0%, below the 3.5% forecast but still signaling solid growth.
In Japan, inflation has eased for six straight months, down from 4.0% in January to 3.1% in July. BoJ Governor Kazuo Ueda suggested keeping the policy rate at 0.50% on September 19, with scope to return to dovish guidance if price growth slows further — a factor weighing on the yen. Meanwhile, Jibun Bank’s August composite PMI rose to 52.0 (vs. 51.9 expected, 51.6 prior) and services PMI improved to 53.1, but markets largely shrugged off the data, underscoring yen weakness
Support and Resistance
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Resistance: 148.85, 150.70, 154.80
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Support: 146.33, 142.50, 140.25
The long-term trend remains bearish while price tests resistance at 148.85. A reversal would target 146.33 and 142.50, while a breakout shifts focus to 150.70 and 154.80.
The medium-term trend is bullish after July’s breakout above 146.74–146.10, targeting 152.14–151.59. Corrections failed to test support at 145.47–144.96, keeping long positions valid toward 147.93 and 150.91. A break lower would shift momentum back to 140.40–139.93.
Trading Scenarios
Primary (SELL LIMIT)
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Entry: 148.85
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Take Profit: 146.33
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Stop Loss: 149.88
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Horizon: 9–12 days
Alternative (BUY STOP)
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Entry: 149.90
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Take Profit: 152.90
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Stop Loss: 148.41
Key Levels: 140.25, 142.50, 146.33, 148.85, 150.70, 154.80