USDJPY – Down
USDJPY trading plan:
U.S. manufacturing grew steadily in August as employment and new orders rebounded, while a further easing in price pressures strengthened expectations that inflation has likely peaked. The Institute for Supply Management said that its manufacturing PMI was at 52.8 last month, unchanged from July. A reading above 50 indicates expansion in manufacturing. The ISM survey’s forward-looking new orders sub-index rebounded to 51.3 last month from a reading of 48.0 in July. That ended two straight monthly decreases. Order backlogs rose, suggesting factories will continue humming for a while. The ISM survey’s measure of factory employment jumped to a five-month high of 54.2 from 49.9 in July, which bodes well for August’s employment report.
Investment idea: buy 139.80 and take profit 140.40.
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