10:00am (NY Time) US ISM Manufacturing PMI   Forecast 54.8  Previous 55.7
ACTION: USD/JPY      BUY 57.0      SELL 52.0

We’ll be looking to trade the ISM Manufacturing PMI today and we’ll be looking for a minimum of 2.5 of deviation either way.  In the event we get a better than expected release, this could once again fuel the sentiment of risk appetite, thus USD could remain under pressure; however, if the release is negative, below the medium 50 level, we could see stronger USD and stronger JPY throughout the rest of the US session.  Since this is a leading indicator, investors pay more attention to this release for signs of market direction of December.