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Global macro overview for 21/04/2017:
The PMI Manufacturing data from Japan has beaten the expectations. The Markit/Nikkei final manufacturing purchasing managers' index (PMI) came in at 52.8 points in April, up from a final March estimate of 52.4 points. It was the eighth consecutive month Japan's PMI was above 50 that separates the expansion from contraction. Japanese factories reported faster output and new export growth. Backlogs of work increased at a faster rate, spurring higher output and input prices. The number of purchases also rose at a quicker rate, with managers giving a more optimistic view of the future. In conclusion, a good set of data delivered from the Japanese economy.
Let's now take a look at the USD/JPY technical picture at the H4 timeframe. The price is trying to bounce from the 61%Fibo at the level of 107.85, but the technical resistance at the level of 110.10 hasn't been violated yet. The bounce was shallow and reached only the level of 109.50 so far. Moreover, the market conditions look overbought, so the bias remains to the downside. The next support is seen at the level of 108.47 and 108.12.
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