JPY News

Japan's gross domestic product advanced 1.0 percent on quarter in the second three months of 2017, the Cabinet Office said in Monday's preliminary reading.

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Producer prices in Japan were up 0.6 percent on year in July, the Bank of Japan said on Friday.

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The average of household spending in Japan was down 0.2 percent on year in July, the Ministry of Internal Affairs and Communications said on Tuesday - coming in at 279,197 yen.

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Japan's gross domestic product was knocked down to 0.6 percent on quarter in the second quarter of 2017, the Cabinet Office said in Friday's revised reading.

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Core machine orders in Japan surged a seasonally adjusted 8.0 percent on month in July, the Cabinet Office said on Monday - standing at 853.3 billion yen.

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Japan posted a merchandise trade surplus of 113.642 billion yen in August, the Ministry of Finance said on Wednesday.

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The Bank of Japan kept its monetary stimulus unchanged as widely expected on Thursday.

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The manufacturing sector in Japan continued to expand in September, and at a faster rate, the latest survey from Nikkei revealed on Monday with a four-month high manufacturing PMI score of 52.6.

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USDJPY stays in a rising price channel on its 4-hour chart. As long as the channel support holds, the sideways movement in a trading range between 112.21 and 113.25 could be treated as consolidation of the uptrend from 107.31 and another rise to 114.00 area could be expected after the consolidation. On the downside, a break through the bottom support trend line of the channel could bring price to next support level at 112.21. If this level gives way, the pair would find support at 111.47. This level is the key support of the uptrend from 107.31. Below here would indicate that the upward movement had completed at 113.25 already, then the following correction pullback could take price towards 109.54.

USDJPY moved sideways in a trading range between 112.21 and 113.43. As long as 112.21 level holds, the sideways move could be treated as consolidation of the uptrend from 107.31, and further rise to 114.00 area cold be expected after the consolidation. On the downside, a breakdown below 112.21 level could bring price back to test 111.47 key support. Below this level would confirm that the upside movement from 107.31 had completed at 113.43 already, then the following correction pullback could take price to 109.50 area.