The ISM Manufacturing PMI (Purchasing Managers’ Index) is based on a survey of purchasing managers in the manufacturing sector. Respondents are surveyed for their view of the economy and business conditions in the US. A reading which is higher than the market forecast is bullish for the dollar. Here are all the details, and 5 possible outcomes for USD/JPY. Published on Tuesday at 15:00 GMT. Indicator Background The views of purchase managers on the economy are always important, as they are considered to be attuned to the latest economic and financial developments, and their expectations could be an indication of future economic trends. The index improved to 53.2 points in November, beating the forecast of 52.1 points. This marked the highest reading for the indicator since June. The upward trend is expected to continue in December, with an estimate of 53.7. Sentiments and levels With the Trump presidency around the corner, the markets are expecting US growth to continue, which could mean more rate hikes from the Federal Reserve. If this happens, the US dollar will likely post broad gains. So, the overall sentiment is bullish on USD/JPY towards this release. Technical levels, from top to bottom: 120.25, 118.79, 117.52, 115.90, 114.55 and 113.04 5 Scenarios Within expectations: 50.0 to 57.0: In such a case, USD/JPY is likely to rise within range, with a small chance of breaking higher. Above expectations: 57.1 to 61.0: An unexpected higher reading could send the pair above one resistance line. Well above expectations: Above 61.0: A sharp expansion in the manufacturing sector could push USD/JPY upwards, and a second resistance line might be broken as a result. Below expectations: 46.0 to 49.9:  In  this scenario, USD/JPY could drop and break one level of support. Well below expectations: Below 46.0: A very weak reading would  point to sharp  contraction in the manufacturing sector. This could push the pair below a second support level. For more about the yen, see the USD/JPY forecast. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Opinions share Read Next 5 Most Predictable Currency Pairs – Q1 2017 Yohay Elam 6 years The ISM Manufacturing PMI (Purchasing Managers' Index) is based on a survey of purchasing managers in the manufacturing sector. Respondents are surveyed for their view of the economy and business conditions in the US. A reading which is higher than the market forecast is bullish for the dollar. Here are all the details, and 5 possible outcomes for USD/JPY. Published on Tuesday at 15:00 GMT. Indicator Background The views of purchase managers on the economy are always important, as they are considered to be attuned to the latest economic and financial developments, and their expectations could be an indication of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
