FxWirePro: USD/JPY holds cloud support, edges higher as markets await U.S. NFP data

USD/JPY chart on Trading View used for analysis

• USD/JPY trades 0.19% higher on the day at 112.86 at the time of writing.
   
• The pair has held support at daily cloud and has bounced off major trendline support on Thursday's trade.
   
• Technical bias remains largely bearish. Break below cloud will see further weakness.
   
• The US Labor Department will issue its Non-farm payrolls Report later today at 13:30 GMT.
   
• Non-farm payrolls are expected to rise by 205,000 in November, down from the prior month's exceptional 250,000.  
   
• The unemployment rate is predicted to remain at 3.7% and annual average hourly earnings to have increased 3 % last month as in October.
   
• Upbeat data could put a strong bid under the US dollar. That said, Sino-U.S. trade dispute is far from being settled and could cap upside.

Support levels - 112.67 (cloud top), 112.40 (trendline)

Resistance levels - 113.02 (5-DMA), 113.25 (20-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.