FxWirePro: USD/JPY holds minor support near 116.50 levels, breaks below could target 115.55, focus on US NFP data
USD/JPY is seeing a minor recovery heading into mid-Asia after downward spiral for 4 consecutive sessions. The pair is holding minor support at 116.50 levels(Jan 15 lows), but bias is still lower. Break below 116.50 coul…
USD/JPY is seeing a minor recovery heading into mid-Asia after downward spiral for 4 consecutive sessions.
The pair is holding minor support at 116.50 levels(Jan 15 lows), but bias is still lower. Break below 116.50 could see test of 116 and then 115.50 levels.
RSI is at 37 with scope for further downside and MACD shows momentum to remain lower for sometime now.
Markets now focus on the highly influential US NFP report due later today for fresh direction on the greenback, especially after the recent poor run of economic data have raised fewer rate hike expectations.
The US economy is forecast to have added around 189,000 jobs last month, almost half the 292,000 jobs reportedly added in December. Such data will provide better insight in to the labour market condition.
