The USD/JPY pair continues moving to the upside; the demand for the Japanese currency is still limited.
The Japanese Yen is retreating against the USD on Monday. The current quote for the instrument is 113.04.
The currency market is still friendly to the US Dollar. In addition to that, geopolitical tensions decreased a bit, so the demand for the Yen as a “safe haven” asset is low.
In the morning, Japan published some interesting statistics. The Tankan Large Manufacturers Index increased up to 22 points in the third quarter 2017 after being 17 points and against the expected reading of 18 points. The Tankan Large Non-Manufacturing Index remained unchanged, 23 points.
The Nikkei Manufacturing PMI increased up to 52.9 points in September after being 52.6 points in August and against the same expected number. The indicator has been growing pretty well and that’s a good signal for the Japanese economy. However, the employment is still an issue: it has risen the least since November 2016. The output and new orders increased the most in four months and new export orders grew at the fastest rate in seven months.
These indicators are a good signal for the Yen, but the problem is that right now the market is barely following the statistics.
RoboForex Analytical Department