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

USD/JPY Rebounds After Pullback

USD/JPY is moving higher as traders react to the final reading of Manufacturing PMI report. The report showed that Manufacturing PMI declined from 49.7 in September to 49.2 in October, compared to analyst consensus of 49.

In case USD/JPY manages to settle above the 50 MA at 152.51, it will move towards the resistance at 153.00 – 153.50. A successful test of the resistance at 153.00 – 153.50 will open the way to the test of the next resistance level at 155.00 – 155.50. RSI is in the moderate territory, and there is plenty of room go gain momentum in case the right catalysts emerge.

EUR/USD Pulls Back As Traders Wait For Non Farm Payrolls Data

EUR/USD is moving lower as traders continue to take profits after the recent rebound. Traders are waiting of the release of the Non Farm Payrolls report, which is expected to show that the U.S. economy added 113,000 jobs in October. Unemployment Rate is projected to remain unchanged at 4.1%.

If EUR/USD settles back below the 1.0850 level, it will move towards the 50 MA at 1.0819. A move below the 50 MA will push EUR/USD towards the support level at 1.0765 – 1.0780.

AUD/USD Tests Support At 0.6550 – 0.6560

AUD/USD is moving lower amid falling demand for commodity-related currencies. Today, traders also had a chance to take a look at the Manufacturing PMI report. The report indicated that Manufacturing PMI improved from 46.7 in September to 47.3 in October, compared to analyst forecast of 46.6.

If AUD/USD manages to settle below the support at 0.6550 – 0.6560, it will move towards the next support level, which is located in the 0.6470 – 0.6480 range.

NZD/USD Attempts To Settle Below The Support At 0.5975 – 0.5985

NZD/USD remains stuck near the support level at 0.5975 – 0.5985 as traders wait for additional catalysts.

If NZD/USD pulls back below the 0.5950 level, it will head towards the nearest support level at 0.5920 – 0.5930.

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