FXStreet (Córdoba) - USD/JPY dropped further and bottomed at 119.47, reaching the lowest level since Tuesday. The decline was capped above weekly lows and it was trading at 119.60, 30 pips below yesterday’s closing price.
Greenback weakened in the market after the release of US manufacturing data that showed a continuation in the slowdown. The ISM dropped to 50.2 in September; still above 50 but the lowest level since 2013.
USD/JPY ahead of NFP
The pair continues to move sideways ahead of the releases of tomorrow Non-Farm Payroll report. Since last month it has been moving around 120.00 unable to break above 121.00 and rejected form below 119.00.
A better-than-expected report could trigger a bullish run of the US dollar and push USD/JPY to test 121.00; before it could face resistance at 120.35. Weak data, if favors the yen could send the pair to test 119.00; a consolidation below could open the doors for more declines.
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