Following on from my potential trade idea yesterday, while the index has pulled back overnight to hit a low of 15,272, it is just shy of my suggested entry level.
We saw Japanese manufacturing expand at a slightly faster pace yesterday (at 51.1), but the market is concerned about other aspects of the economy. Traders will be more focused on consumption-related data due on Thursday. This promises to be contained however, with the recent tax hike the driving force behind the moves.
Given the leads we’ve seen overnight and moves in USD/JPY it promises to be a fairly quiet session in Asia today.