USD/JPY cautious around 118.30 ahead of NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Japanese currency remains on the defensive vs. the greenback in the second half of the week, sending USD/JPY to the 118.30 area.

    USD/JPY firmer, waits for Payrolls

    The risk aversion has eased somewhat today, alleviating the buying pressure around JPY and thus prompting buyers to step in and lift spot back above the 118.00 mark after dropping to yesterday’s multi-month lows near 117.30.

    Cautiousness amongst traders remains intact so far, in light of the release of US labour market figures for the month of December. Recall that consensus expectations see the economy adding 200K jobs during last month.

    USD/JPY levels to consider

    As of writing the pair is advancing 0.63% at 118.32 and a breakout of 120.77 (high Dec.30) would open the door to 120.91 (100-day sma) and finally 121.62 (200-day sma). On the flip side, the immediate support lies at 117.30 (psychological level) followed by 116.46 (low Aug.24) and then 115.82 (low Jan.16 2015).
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