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USD/JPY upside targets 117.00 pre-Payrolls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback is now recovering some ground lost vs. the Japanese currency, lifting USD/JPY back to the vicinity of 117.00 the figure.

    USD/JPY focus on NFP

    After a test of overnight lows near 116.50, spot has managed to pick up pace and is currently returning to the 116.80/90 band amidst some sort of recovery of the US dollar.

    On the Japanese side, both the Coincident Index and the Leading Economic Index have come in short of expectations, adding some selling bias to JPY. The focus of attention, however, will be on the US Payrolls during January, seen at 190K vs. December’s 292K.

    USD/JPY levels to watch

    As of writing the pair is advancing 0.09% at 116.87 and a breakout of 117.78 (23.6% Fibo of 123.67-115.96 118.28) would target 118.23 (20-day sma) en route to 118.91 (38.2% Fibo of 123.67-115.96). On the other hand, the immediate support aligns at 116.50 (low Feb.4) followed by 115.96 (low Jan.20) and then 115.82 (low Jan.16 2015).

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