FxWirePro: maintains bullish bias with focus on 105.00 levels
USD/JPY rose on Thursday as traders awaited a widely watched U.S. employment report due on Friday for clues over when US interest rates will rise. A stretch of strong U.S. economic data, the latest a report on Wednesday …
USD/JPY rose on Thursday as traders awaited a widely watched U.S. employment report due on Friday for clues over when US interest rates will rise.
A stretch of strong U.S. economic data, the latest a report on Wednesday showed services activity at an 11-month high, have boosted expectations that the Federal Reserve will act soon, denting demand for safe-haven assets like Japanese yen.
Further downside is expected to be limited as the pair finds strong support at 103.37 should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 104.24, a break above this level would take the pair towards next resistance level at 104.80.
To the downside immediate support can be seen at 103.80, a break below this level will open the door towards next level at 103.37.
