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FxWirePro: USD/ JPY holds narrow range ahead of key US jobs data

 • The USD/JPY was little changed on Friday as markets were relatively subdued   ahead of key U.S. non-farm payrolls data.

  • U.S. non-farm payrolls are projected to show a December increase of 160,000 jobs, following 227,000 in November, with unemployment steady at 4.2%.

  • A stronger-than-expected result could bolster the case for fewer Federal Reserve rate cuts and trigger renewed selling in volatile bond markets.  

• Technical signals are   bullish as RSI is   at 65, daily momentum studies  5, 9 and 10 SMAs are trending up.
 
• Immediate resistance is located at 158.63(23.6%fib), any close above will push the pair towards 160.12 (Higher BB).

•  Support is seen at 157.36(Jan 7th low) and break below could take the pair towards 156.56 (38.2%fib)

Recommendation: Good to buy  around 157.80, with stop loss of 157.00 and target price of 158.50

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