USD/JPY – Technical Analysis for US Binary Options Brokers
- 1 USD/JPY – Technical Analysis for US Binary Options Brokers
- 2 Top US Broker: BinaryMate
- 3 US Regulated Platform: NADEX
- 4 BitBot Pro
- 5 OptionRobot
Japan – Final Manufacturing PMI
At GMT 1:30 a.m., the Markit released Japan’s final manufacturing purchasing managers’ index (PMI) figure, which measures the level of a diffusion index by surveying around 400 purchasing managers in the country.
Since businesses are the first to react to changing economic climate and the PMI is calculated based on survey questions covering employment, production, price levels, new orders situation as well as inventory conditions; US binary options brokers consider this data to be a leading indicator of the overall economic health of the country.
Last month, the Japan’s final manufacturing PMI reading came out at 52.8 and the forecast for this month was set at a reading of 52.8 as well. However, the actual final PMI reading came out slightly lower compared to what the market was exacting, at 52.7.
United States – Institute for Supply Management (ISM) Manufacturing PMI
Later, at GMT 3:00 p.m., the Institute for Supply Management will release its manufacturing PMI figure for the United States. The ISM’s US manufacturing PMI measures the level of a diffusion index based on a survey of 400 purchasing managers.
Purchasing managers in the United States are involved in the supply side of the economy. As most companies reduce their expenses and production based on their sales forecast, the survey of purchasing managers reveals the overall optimism of various companies in the country. Hence, binary options investors can easily figure out the sentiment regarding the economic condition in the country from the ISM manufacturing PMI readings.
Since forming a bearish pin bar on January 3, 2017, the USD/JPY remained in a strong downtrend and the price went down around 1,000 pips over the last four months. However, after the USD/JPY price reached near the 108.15 level, it found a strong support and the pair started a bullish retracement
Last week, the USD/JPY reached near the resistance near the 111.85 level. Although the USD/JPY has penetrated the 111.85 level several times over the last week, it has so far failed to close above this strong resistance.
As the Japanese final manufacturing PMI is expected to come slightly lower, at 52.7, compared to last month’s 52.8 reading, and the US ISM manufacturing PMI is also expected to come slightly lower, at 56.6, which is slightly lower than last month’s 57.2, we believe the fundamental outlook for the USD/JPY would remain tentative this week.
However, as the prevailing trend has been bullish over the last few weeks, if the USD/JPY closes above the 111.85 level, it would likely attract additional bullish momentum in the market. Hence, US binary options traders should look out for trading opportunities above this major resistance level around 111.85.
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