Looking at the 3 January USDJPY Fundamental Analysis shows that the pair resumed its downtrend on Tuesday, with prices falling to their lowest level in a month.
3 January, OctaFX– Headlining the US economic calendar is the monthly manufacturing PMI courtesy of the Institute for Supply Management (ISM). The monthly gauge is expected to show a reading of 58.2 in December, unchanged from the previous month.
Separately, the Department of Commerce will report on construction spending for the month of November. Construction outlays are projected to rise 0.6% in November after rising 1.4% the previous month.
The FOMC minutes will be released at 19:00 GMT and will provide a more granular look at the Federal Reserve’s decision to raise interest rates last month. The FOMC is expected to continue its path of gradual policy normalization under the guidance of Jerome Powell, who takes over as Chair in February.
3 January USDJPY Fundamental Analysis
The USD/JPY resumed its downtrend on Tuesday, with prices falling to their lowest level in a month. The pair recovered slightly overnight but continued to trade around 112.33. The pair risks falling below the first technical support near 111.75, which represents the 200-DMA. On the flipside, resistance is likely found at 112.50.
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