USD/JPY making recovery attempts amid risk-off markets

The USD/JPY pair is seen reversing a part of intraday losses and heads back towards 114 handle, mainly driven by a minor-recovery seen in the US dollar as well as in the Japanese stocks.

USD/JPY awaits US NFP for a clear direction

The dollar-yen is making minor-recovery attempts, largely lock stepping-in with the USD moves. While a tepid-bounce seen in the Japanese equities also offered some respite to the JPY bears, aiding the USD/JPY recovery. The major is last seen changing hands at 113.90, recovering from a daily low of 113.59, still down -0.18% on the day, while the Nikkei 225 index recovers to 18,432 points, losing -0.44% so far.

However, the yen continues to remain underpinned by persisting risk-off market profile as attention now turns towards the US payrolls data for next direction on the major. Markets are expecting 177k net jobs addition last month versus 161k booked previously.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 114.50 (psychological levels). A break above the last, the major could test 114.83 (10-month high) and 115 (zero figure) beyond the last. While to the downside, the immediate support is seen at 113.65 (daily S1) next at 113.36 (5-DMA) and below that at 112.95 (10-DMA).