2 May 2014
USD/JPY keeps mild bid tone ahead of US NFP
FXStreet (Bali) - USD/JPY is trading marginally higher, up at 102.37 from a session low of 102.25, with interest to engage on trading activities very limited ahead of the US Non-Farm Payrolls.
Jim Langlands, Founder at FXCharts, notes that "indicators are flat on most time horizons and thus, at least until the data release the recent narrow range will cover it."
How will USD/JPY react to NFP?
"A strong number will see the dollar climb and most likely take out the resistance at the top of the recent range in the 102.65/80 area (102.70 : 50% pivot of 104.12/101.31/Daily Tenkan, 102.82; daily cloud top). Beyond there will see a run towards 102.92 (100 DMA), 103.00 (61.8%) and 103.05 (daily cloud top); on the downside, if the NFP number is a weak one, the bids at 102.00 will be quickly filled ahead of further support at 101.85, and at 101.65."
Jim Langlands, Founder at FXCharts, notes that "indicators are flat on most time horizons and thus, at least until the data release the recent narrow range will cover it."
How will USD/JPY react to NFP?
"A strong number will see the dollar climb and most likely take out the resistance at the top of the recent range in the 102.65/80 area (102.70 : 50% pivot of 104.12/101.31/Daily Tenkan, 102.82; daily cloud top). Beyond there will see a run towards 102.92 (100 DMA), 103.00 (61.8%) and 103.05 (daily cloud top); on the downside, if the NFP number is a weak one, the bids at 102.00 will be quickly filled ahead of further support at 101.85, and at 101.65."