Better Japanese Consumer Confidence

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In Japan, the August Unemployment rate was released at 3%, as expected. The September Consumer Confidence was published at 32.7, above 30.5 expected and 29.3 the previous month. Yesterday, the Bank of Japan Tankan Large Manufacturers Index posted -27 for the third quarter (-24 expected) and the Outlook Index was -17 (-16 expected).

From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and by its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 106.90 as the nearest support would be set at July 31 bottom at 104.00 and a second one would be set at horizontal support at 102.40 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex JPY

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