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USD/JPY: in familiar ranges ahead of Nonfarm Payrolls

FXStreet (Guatemala) - USD/JPY is currently trading at 119.94 with a high of 120.35 and a low of 119.54.

USD/JPY has found demand back into the region of the 20 SMA on the hourly at 119.96, but struggles to garner further demand having already rallied from 119.54. The Yen rallied in early London while capped at familiar levels at the 120 handle as traders are reluctant to back one direction nor the other in uncertain times ahead of the Nonfarm Payrolls this Friday.

The Yen continues to garner strength in risk-off markets but to a lesser degree as there are less short positions to unwind at the moment according to the CFTC data. However, the BoJ maybe an area of risk next month where additional easing could be on the cards.

USD/JPY technically bearish

Technically, Karen Jones, chief analyst at Commerzbank explained that the Elliott wave count is suggesting that the failure circa 121.25/35 was the end of wave ‘4' and attention remains on the 6 week uptrend at 119.28.

Elliott wave count in USD/JPY, bearish - Commerzbank

Karen Jones, chief analyst at Commerzbank explained that 121.25/35 was a pivotal point on the Elliott wave counts in USD/JPY
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