The ISM Non-Manufacturing PMI (Purchasing Managers’ Index) is based on a survey of purchasing managers in the services 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 Wednesday at 14:00 GMT. Indicator Background Analysts are always interested in the views of purchase managers about the economy, 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. Thus, PMI readings are quite important and an unexpected reading could affect the movement of USD/JPY. The index has been steadily rising in recent releases and hit a multi-year high of 58.6 points in August, its best performance in over two years. This easily beat the estimate of 55.2 points. The markets are expecting a lower reading for September, with an estimate of 57.2 points. Sentiments and levels Recent Japanese indicators have shown improvement as inflation indicators have met expectations and the Tankan indexes looked sharp. The US dollar has lost ground and remains under pressure due to the government shutdown this week, with no end in sight to the crisis. So, the overall sentiment is bearish on USD/JPY towards this release. Technical levels, from top to bottom: 100, 98.90, 97.80, 96.59, 95 and 93.79. 5 Scenarios Within expectations: 55.0 to 59.0: In such a case, USD/JPY is likely to rise within range, with a small chance of breaking higher. Above expectations: 59.1 to 63.0: An unexpected higher reading can send the pair above one resistance line. Well above expectations: Above 63.0: A sharp jump by the index could push USD/JPY upwards, and a second resistance line might be broken as a result. Below expectations: 50.0 to 53.9: A weak reading could push USD/JPY downwards and break one level of support. Well below expectations: Below 50.0: A reading below 50 would indicate contraction in the services industry. This would likely push the pair downwards, possibly breaking a second support level. Follow this event live at: [do action=”calendar-event” eventid=”6c5853c1-a409-4722-bdea-17ad5d8a193f”/] 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 The Squeeze on Europe FxPro - Forex Broker 9 years The ISM Non-Manufacturing PMI (Purchasing Managers' Index) is based on a survey of purchasing managers in the services 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 Wednesday at 14:00 GMT. Indicator Background Analysts are always interested in the views of purchase managers about the economy, as they are considered to be attuned to the latest economic and financial developments, and their expectations could be an… 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.
