At the Asian session, the Japan Manufacturing PMI was released. Flash Japan Manufacturing PMI was printed at 50.9 (49.9 in April). Operating conditions improved slightly in May. The Flash Japan Manufacturing Output Index came at 51.7 (49.3 in April). Production is moderatly recovering. After the data release, JPY gets stronger against USD and GBP. But it was trading lower against the euro at the Asian session. The USD/JPY pair gave the third consecutive strong close. Bulls have been extending their footprints for five consecutive days. The pair faced resistance at 121.50, which was parallel resistance. A daily close above 121.50 is likely to make bulls aim at 122.00 and 122.50 initially. We recommend buying at 119.00. Intraday support is found at 121.00 and 120.60. As of now, the near-term buying stop loss is seen at 120.40.
Technical analysis of USDX & USD/JPY for May 21, 2015
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