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Forex-usdjpy

Yen Has More To Lose Two days ago USDJPY touched 1.5-month low at 109.92, and reversed the move right away, right now trading around 110.70. And all this happened despite rather dovish comments from Fed’s Bullard opposing to another rate hike before the year end. Now the market is focused on US data. Recently, we have seen some disappointments, and the Fed looked less hawkish than it was expected. And this was the reason the USD was falling. However, the labor data may help American currency. If number of new jobs exceeds 180K, it will be perceived positively. Andifwagesgrowthisabove 0.3%, itwilldriveUSDcrazy. Today we need to pay attention to Non-Manufacturing ISM, as it’s one of the best leading indicators of Non-Farm Payrolls results, given the fact that 70% of employed Americans work in service sector. If the numbers come up better than expected, USDJPY may target 111.00 followed by 111.70.
by HelenRush
USDJPY remains under pressureUSD/JPY remains under pressure. Momentum readings and the Tension Indicator (not shown) continue to weaken, highlighting fresh downside risks in the coming weeks. A close below the 111.59 low of 7 February will confirm continuation of the December 2016 bear trend, with focus then turning to the 110.27 low of 22 November. Just lower is the 109.93 Fibonacci retracement, but any further slippage beneath here should stabilise towards the 107.85 retracement, as mixed background studies keep investors cautious. A close above the 115.00 break level is needed to stabilise price action. However, any immediate bounce is expected to remain capped beneath here, as short-term studies also follow weekly readings lower.
by Michael_Macdonald-XATSUK