Weaker JPY after Tankan Index

Japan's November Tankan Index was released above expectations.

Japan flag

This morning, official data showed that Japan's November Tankan Index stood at -13 in November, above -28 expected and -26 the previous month.

From a technical point of view, on a 30-min chart, USD/JPY is rebounding and stands above its 50-period moving average (in blue). Readers may therefore consider the potential for further advance above horizontal support at 103.15 as the nearest resistance would be set at horizontal resistance at 103.60 and a second one would be set at 103.80 in extension.

Source: TradingView, GAIN Capital

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