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Japan’s Manufacturing Activity Contracted: USD/JPY Gained 300 to 134.147
Summary:
During the Asian session, Japan’s PMI dropped and the dollar strengthened, USD/JPY up 0.2%.
CLOSED
134.430
Entry Price
137.700
TP
133.900
SL
150.285 +0.676 +0.45%
151.2
Pips
Profit
133.900
SL
135.942
Exit Price
134.430
Entry Price
137.700
TP
Fundamentals
Japan’s manufacturing activity shrunk at the fastest pace in two-and-a-half years, but the services sector improved.
According to the survey, Japan’s manufacturing activity contracted at the fastest pace in 30 months in February, a worrying sign for Japan’s economy, which is facing weakening demand and struggling to tame cost pressures.
Japan’s manufacturing PMI dipped to a seasonally adjusted 47.4 in February, from a final 48.9 in January.
The index was below 50 for a fourth consecutive month, hitting its lowest level since August 2020’s 47.2.
The sub-index data showed that factory output and new orders declined for an eighth consecutive month and at faster rates than in January.
As global demand continued to weaken, export orders dropped the most since July 2020, evidenced by recent data such as the lower-than-expected GDP growth in October-December and January’s record trade deficit.
By contrast, service sector activity climbed for a sixth consecutive month with further relaxation of domestic epidemic prevention policies. Last month, the government said it would downgrade the coronavirus’s public health classification in May.
The services PMI (seasonally adjusted) rose to an eight-month high of 53.6 in February from the previous month’s 52.3 final.
Technical Analysis
During the Asian session, USD/JPY was up 0.2% to 134.442.
From the technical analysis, this is a strong resistance level for the price. There is a 3-peak pattern in the 4-hour chart, which currently controls and prevents the price from breaking through strongly.
However, with the dollar in a strong uptrend, this resistance may not last long and the price here may be broken and reach 137.700.
Trading Recommendations
Trading Direction: Long
Entry Price: 134.430
Target Price:137.700
Stop Loss: 134.290
Support: 133.929
Resistance: 135.060, 137.770
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