Japanese Yen Is Losing Ground: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Attempts To Settle Above 144.00

USD/JPY gains ground as traders react to economic reports from Japan. Manufacturing PMI declined from 49.8 in August to 49.7 in September, compared to analyst consensus of 49.6. Tankan Large Manufacturers Index remained unchanged at 13 in the third quarter, in line with analyst consensus. Unemployment Rate decreased from 2.7% in July to 2.5% in August, while analysts expected that it would decline to 2.6%.

If USD/JPY manages to stay above the 144.00 level, it will move towards the resistance at 146.00 – 146.50.

EUR/USD Tests Key Support At 1.1115 – 1.1130

EUR/USD continues its attempts to settle below the support at 1.1115 – 1.1130 as U.S. dollar rebounds against a broad basket of currencies.

In case EUR/USD settles below 1.1115, it will gain additional downside momentum and move towards the next support level, which is located in the 1.1000 – 1.1015 range.

AUD/USD Is Moving Lower As Traders React To Economic Reports

AUD/USD is losing ground as traders focus on Australia’s Building Permits report, which showed that Building Permits declined by 6.1% month-over-month in August. Retail Sales increased by 0.7%, compared to analyst consensus of +0.4%. Manufacturing PMI decreased from 48.5 in August to 46.7 in September, in line with analyst expectations.

A successful test of the support at 0.6890 – 0.6900 will push AUD/USD towards the 50 MA at 0.6862. In case AUD/USD declines below the 50 MA, it will head towards the next support level, which is located in the 0.6815 – 0.6825 range.

NZD/USD Gained Downside Momentum Amid Profit-Taking

NZD/USD gained strong downside momentum after an unsuccessful attempt to settle above the resistance at 0.6360 – 0.6370. Traders take some profits off the table near multi-month highs.

In case NZD/USD settles below the 50 MA at 0.6292, it will move towards the nearest significant support level at 0.6235 – 0.6250.

For a look at all of today’s economic events, check out our economic calendar.