USDJPY posts a strong gain

The trend remains bearish: Chart

Uptrend 2

The US Dollar was bullish against most of its major pairs on Monday with the exception of the CAD and GBP. On the US economic data front, Markit's US Manufacturing Purchasing Managers' Index rose to 56.7 on month in the November preliminary reading (53.0 expected), from 53.4 in the October final reading. 

On Tuesday, the Conference Board's Consumer Confidence Index for November is expected to fall to 97.6 on month, from 100.9 in October.   

The Euro was bearish against most of its major pairs with the exception of the JPY. In Europe, Research firm Markit has published preliminary readings of November Manufacturing PMI for the Eurozone at 53.6 (vs 54.2 expected), for Germany at 57.9 (vs 57.3 expected), for France at 49.1 (vs 49.9 expected) and for the U.K. at 55.2 (vs 51.6 expected). Also, the preliminary readings of November Services PMI for the Eurozone was published at 41.3 (vs 44.1 expected), at 46.2 for Germany (vs 47.5 expected), at 38.0 for France (vs 39.0 expected) and at 45.8 for the U.K. (vs 46.0 expected).

The Australian dollar was bearish against most of its major pairs with the exception of the JPY.

Looking at the major movers, the USD/JPY jumped 73 pips to 104.59 in Monday's trading. Looking at the chart of the USD/JPY key resistance remains at the 106.10 level. A break above could have strong bullish implications. For now, the preference is to ride the trend lower ultimately reaching the 102 support level. 



Source: GAIN Capital, TradingView

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