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USD/JPY gaining some attention above 114.00, NFP eyed

  • Spot back to black figures on US yields rebound.
  • Weekly upside capped near 114.30.
  • US payrolls the big event ahead.

The greenback is now alternating gains with losses vs. its Japanese counterpart, taking USD/JPY to a sideline theme around the 114.00 region ahead of US non-farm payrolls.

USD/JPY now looks to US data

The pair is now navigating within a narrow range in a generalized cautious stance as market participants are waiting for the release of key US jobs report for the month of October.

Furthermore, yields of the key US 10-year reference are also rangebound so far today, currently hovering over the 2.35%.

The recent announcement of Jerome Powell as the next Fed Chief had no noticeable impact on the buck, as the news was largely priced in. However, headlines from the US tax reform promise to bring in some volatility in the next months around USD.

So, ahead in the session US non-farm payrolls are expected at just over 310K jobs for October, while the unemployment rate should stay put at 4.2%. Later in the day, September’s factory orders are also due along with the key ISM non-manufacturing.

USD/JPY levels to consider

As of writing the pair is up 0.02% at 114.10 facing the next hurdle at 114.30 (high Nov.1) seconded by 114.45 (high Oct.27) and finally 114.51 (high Jul.11). On the flip side, a break below 113.79 (10-day sma) would expose 113.13 (21-day sma) and then 112.97 (low Oct.31).

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