USD / JPY
It was a national holiday in Japan today and tomorrow. And during these holidays, investors approached in a slightly unfavorable situation. On Tuesday, Manufacturing PMI in the final estimate for April rose to 53.8 from 53.3 earlier. Consumer Confidence dropped from 44.3 to 43.6 against expectations of growth to 44.6. The US stock market fell this week since Monday. The S & P500 declined by 0.72% yesterday.
Today, a number of moderately positive economic data is expected from the United States. But, the major trend of the stock market is expected to see tomorrow if the employment forecasts will not come out disappointing. The Chinese stock index Shanghai Composite lose 0.28%, while the South Korean Kospi SEU is down to 0.39%. In general, investors are optimistic about the improvement of the political situation on the Korean peninsula.
In the current situation, we expect a sideways trend for the USD / JPY currency pair in the range of 109.40-110.30.
* The presented market analysis is informative and does not constitute a guide to the transaction.
