- The pair was dropping sharply in the risk-aversion session on Monday
- Risk-off sentiment was further elevated by the geopolitical conflict between Saudi Arabia and Iran
- Earlier on Monday, Japan’s manufacturing PMI had ticked higher to 52.6 from 52.5
- Later in the session, important US data are due. The manufacturing PMI for December should decline from 51.3 to 51.1, while the ISM’s manufacturing report is expected to improve from 48.6 to 49.0.
- Initial support is seen at ¥118.06 levels and resistance is seen around ¥120.64 levels.
The material has been provided by InstaForex Company – www.instaforex.com