Japanese Yen Attempts To Rebound: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Pulls Back From Multi-Week Highs

USD/JPY pulls back as traders react to PMI reports from Japan. Manufacturing PMI declined from 49.7 in September to 49.0 in October, compared to analyst consensus of 49.9. Services PMi decreased from 53.1 to 49.3, compared to analyst forecast of 52.7. Numbers below 50 show contraction, so the reports highlighted the problems of the Japanese economy. At this point, it looks that the pullback is driven by profit-taking as BoJ will be forced to maintain its ultra-dovish policy due to economic problems.

The nearest resistance level for USD/JPY is located in the 153.00 – 153.50 range. A move above the 153.50 level will open the way to the test of the resistance at 155.00 – 155.50.

EUR/USD Is Trying To Rebound From Recent Lows

EUR/USD is trying to rebound from multi-week lows as traders focus on Germany’s PMI reports. Manufacturing PMI improved from 40.6 in September to 42.6 in October, compared to analyst consensus of 40.8. Services PMI increased from 50.6 to 51.4, while analysts expected that it would remain unchanged.

A move below the support at 1.0765 – 1.0780 will open the way to the test of the next support level at 1.0665 – 1.0680.

AUD/USD Gains Ground As Traders React To PMI Reports

AUD/USD continues to rebound from recent lows as traders react to PMI reports. Manufacturing PMI declined from 46.7 in September to 46.6 in October, while Services PMI increased from 50.5 to 50.6.

In case AUD/USD manages to settle above the nearest resistance at 0.6675 – 0.6685, it will move towards the next resistance level, which is located in the 0.6750 – 0.6760 range.

NZD/USD Moves Higher, Supported By Rising Demand For Commodity-Related Currencies

NZD/USD is also moving higher, supported by rising demand for commodity-related currencies.

If NZD/USD stays above the 0.6000 level, it will head towards the nearest resistance level, which is located in the 0.6050 – 0.6060 range.

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