USDJPY awaiting key jobs report
The US dollar is staging a marginal recovery against the Japanese yen currency ahead of the release of the January Nonfarm payrolls jobs report from the United States economy. The USDJPY pair has so far found interim support from the 108.52 level, although the bearish head and shoulders pattern still remains valid. The next strong directional move in the pair will likely occur when the 108.52 to 109.14 trading range is broken.
The USDJPY pair is only bearish while trading below the 109.14 level, key technical support is found at the 108.52 and 108.10 levels.
If the USDJPY pair moves above the 109.14 level, buyers may test towards the 109.30 and 109.80 resistance levels.