FxWirePro: USD/JPY ticks up but overall outlook remains bearish

• USD/JPY edged higher on Friday  as investors positioned cautiously ahead of the key U.S. nonfarm payrolls report,.

• Markets are cautiously awaiting the upcoming U.S. nonfarm payrolls report, amid fears that weaker-than-expected data could raise stagflation risks and intensify calls for an earlier Fed rate cut.

• Government data on Friday showed that Japanese household spending unexpectedly dropped in April, as rising living costs led consumers to scale back their spending. 

• Consumer spending dropped 0.1% year-on-year in April, the internal affairs ministry reported, missing the median market forecast of a 1.4% rise and down from March’s 2.1% growth.

• Immediate resistance is located at 144.80 (50%fib), any close above will push the pair towards 146.00(Psychologial level).

• Support is seen at 141.80(April 29th low) and break below could take the pair towards  140.70(Lower BB).

Recommendation: Good to sell  around 144.20, with stop loss of 145.00 and target price of 143.20