• USD/JPY edged higher on Thursday but gains were limited as investors exercised caution ahead of the closely watched U.S. non-farm payrolls (NFP) report due later in the day.
• Markets are increasingly sensitive to labor market signals, especially after Wednesday’s ADP employment data showed a surprise contraction in private sector jobs the first decline in over two years.
• Analysts are forecasting a rise of 110,000 jobs, with the unemployment rate expected to tick up to 4.3%.
• At GMT 06:25 the US dollar was up 0.13% to 143.83 against the Japanese yen.
• Immediate resistance is located at 145.05 (50%fib), any close above will push the pair towards 145.94(June 25th high).
• Support is seen at 142.88(38.2%fib) and break below could take the pair towards 142.39(Lower BB).
Recommendation: Be on side lines
