Japan’s manufacturing activity and export are growing again, Market Leader report. The thing is that the local manufacturing activity showed the biggest growth in 20 months in November. With that said, we can say that the Japanese economy is going back to recovery.
In particular, Manufacturing Purchasing Managers Index reached 52.6 points in November against the 52.4 points seen a moth before. We remind you that any value above the 50 level indicates growth while a value below it hints at the opposite process. It should also be noted that the Japanese manufacturing PMI has been over the 50 level for 7 months in a row. On top of that, the recent value has been the highest one since March 2014.
The positive dynamics indicates the fact that the Japanese GDP is resuming its growth after the recent technical recession seen in July-September 2015. The revised GDP report is going to be published on December 8, 2015 or even later.
FOREX
Meanwhile, the Japanese Yen keeps on weakening versus the U.S. Dollar within the scope of a –long-term downtrend, which means USDJPY is still rallying and getting closer to major levels of resistance – MF pivot 125,270 as well as the 125,849 high, Masterforex-V Academy reports. The price is still within the scope of sub-wave 3/C of the rally. The current wave will be terminated as soon as the price breaks below the bottom of the ascending MF sloping channel and MF pivot 118,10.
