Japanese Yen Moves Lower: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Gains Some Ground Ahead Of U.S. PPI Data

USD/JPY settled above the 148.50 level as traders waited for the release of U.S. Producer Prices data. Analysts expect that PPI increased by 0.1% month-over-month in September, while Core PPI grew by 0.2%. Today, traders will also have a chance to take a look at the Michigan Consumer Sentiment report, which is projected to show that Consumer Sentiment improved from 70.1 in September to 70.8 in October.

In case USD/JPY stays above the 148.50 level, it will head towards the nearest resistance, which is located in the 149.50 – 150.00 range. A move above the 150.00 level will open the way to the test of the next resistance level at 153.00 – 153.50.

EUR/USD Is Flat As Traders React To Inflation Data From Germany

EUR/USD is flat as traders react to the final reading of Germany’s inflation report. Inflation Rate was 0% on a month-over-month basis in September. On a year-over-year basis, Inflation Rate declined from 1.9% to 1.6%.

If EUR/USD manages to climb above the 1.0950 level, it will head towards the nearest resistance at 1.1000 – 1.1015.

AUD/USD Settled Below Resistance At 0.6750 – 0.6760

AUD/USD is swinging between gains and losses as traders focus on the dynamics of commodity markets. The price of gold is moving towards the $2650 level, while oil markets pulled back after yesterday’s rally.

A move above the resistance at 0.6750 – 0.6760 will open the way to the test of the next resistance level at 0.6815 – 0.6825.

NZD/USD Moved Higher As Business NZ PMI Exceeded Expectations

NZD/USD gained some ground as traders reacted to Business NZ PMI report. The report indicated that Business NZ PMI improved from 45.8 in August to 46.9 in September, compared to analyst consensus of 46.5.

In case NZD/USD settles above the 0.6100 level, it will move towards the nearest resistance level at 0.6140 – 0.6150.

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