FxWirePro: USD/JPY maintains bullish bias with focus on 104.50
USD/JPY inched higher on Monday as green back was boosted on last week’s data which showed that U.S. employment growth unexpectedly slowed in September but was stronger than initially reported in August, and traders kept…
USD/JPY inched higher on Monday as green back was boosted on last week’s data which showed that U.S. employment growth unexpectedly slowed in September but was stronger than initially reported in August, and traders kept bets that the Federal Reserve is likely to raise rates in December.
Nonfarm payrolls rose by 156,000 jobs in September, missing economists' expectations of 175,000.
Further downside is expected to be limited as the pair finds strong support at 102.70 should limit further down side and bring rebound back towards higher levels in the short term.
To the upside, the immediate resistance can be seen at 103.82, a break above this level would take the pair towards next resistance level at 104.16.
To the downside, immediate support can be seen at 103.27, a break below this level will open the door towards next level at 102.70.
