Keep a close eye on the USD/CNH as the USD/JPY holds onto 157 so far today

Yesterday afternoon the USD/JPY reclaimed the 157 handle after the latest US manufacturing PMI data was revised quite markedly higher. That move later extended to reach 157.84 ahead of the US close. The dollar later handed back some of that gain into the close though, ending the US session at 157.50. The price action so far this morning has been in the opposite direction though and the dollar has dropped back towards the 157 handle. The low seen so far has just been set at 157.04. Later today there is a very important US data release which could decide where the USD/JPY trades by the close tonight. That is at 3pm GMT and it is the December reading of the ISM manufacturing index (expected slightly lower at 48.2 from 48.4). There will be more to add on that ahead of the release. Meantime, please keep an eye on the USD/CNH today because right now that is pushing higher again and that could impact the USD/JPY, which is currently rebounding, trading at 157.15