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4 Sep 2015
USD/JPY regains 119 handle, US NFP awaited
FXStreet (Mumbai) - The offered tone around the USD/JPY pair reduced slightly in the European afternoon, as traders eagerly await the US jobs report which expected to further fuel Fed rate hike chatter.
US payrolls on tap
Currently, the USD/JPY pair sinks -0.82% to 119.09, recovering from fresh weekly lows at 118.85 couple of hours ago. The USD/JPY pair continues to consolidate to the downside as the JPY bulls take a breather in its non-stop upsurge on Friday and await fresh incentives from the US jobs data for further direction.
Consensus points to 217,000 non-farm payrolls for August, after 215,000 in July, with the jobless rate likely to drop to 5.2% from 5.3%. Average hourly earnings are expected to grow by 0.2% and by 2.1% on a monthly and annual basis in August, respectively, unchanged from July's figures.
The yen held onto gains versus the US dollar this session largely supported by the comments from Japanese PM ABE. While falling European indices added to the persisting risk-off environment boosting the safe-haven status of the yen.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.11 (Today’s High) levels and above which it could extend gains 120.70 (Sept 3 High) levels. To the downside immediate support might be located at 118.43 (Aug 26 Low) below that at 118 (Psychological Levels).
US payrolls on tap
Currently, the USD/JPY pair sinks -0.82% to 119.09, recovering from fresh weekly lows at 118.85 couple of hours ago. The USD/JPY pair continues to consolidate to the downside as the JPY bulls take a breather in its non-stop upsurge on Friday and await fresh incentives from the US jobs data for further direction.
Consensus points to 217,000 non-farm payrolls for August, after 215,000 in July, with the jobless rate likely to drop to 5.2% from 5.3%. Average hourly earnings are expected to grow by 0.2% and by 2.1% on a monthly and annual basis in August, respectively, unchanged from July's figures.
The yen held onto gains versus the US dollar this session largely supported by the comments from Japanese PM ABE. While falling European indices added to the persisting risk-off environment boosting the safe-haven status of the yen.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.11 (Today’s High) levels and above which it could extend gains 120.70 (Sept 3 High) levels. To the downside immediate support might be located at 118.43 (Aug 26 Low) below that at 118 (Psychological Levels).