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USDJPY : Impact Of Empire State Manufacturing Data

US Dollar weakened against all its major counterparts after the Federal Reserve Bank of New York released the manufacturing index data. On the hourly chart of USDJPY, the pair seems to be consolidating within an ascending triangle. The pair might find support on the support trend line of the ascending triangle and continue to consolidate. Separate data coming out at 9:15 AM EDT might drive the direction of the pair.

 According to the report the business conditions continued to improve in New York manufacturers, activity grew slowly. The general business conditions index was little changed from last month and the reading was 5.6 missing the expectation of an increase to 6.6. The new orders index climbed three points to 3.1, indicating that the orders were slightly higher and went up to 4. The unfilled order index fell further into negative territory declining by 10 points to -16.5 and the inventory index increased to 7.1 showing increasing inventory levels. The indexes for both prices paid and prices received declined but remained positive showing the slower growth. The employment index is positive showing some increase in employment levels and hours worked. The data might be weak but the manufacturing activity is growing though it is growing at slower pace.