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4 Dec 2014
USD/JPY warming up for 120.00?
FXStreet (Edinburgh) - The greenback is sidelining vs. the Japanese currency on Thursday, taking USD/JPY to extend the overnight consolidation pattern in the upper-119.00s.
USD/JPY looks to US Payrolls
The underlying bearish trend in the yen plus the upbeat momentum in the US dollar continue to fuel the current upside in the pair to the vicinity of the psychological barrier at 120.00, ahead of November’s Payrolls in the US economy due tomorrow. Market consensus expects the economy to have added 232K during the past month, keeping the buoyant tone and the recovery alive in the labour market. On the Japanese side, opinion polls would be pointing to a continuation of the ‘Abenomics’ in the next mid-December election.
USD/JPY levels to consider
At the moment the pair is up 0.04% at 119.86 with the next hurdle at 119.98 (2014 high Dec.4) followed by the psychological levels at 120.00 and then 121.00. On the downside, a breach of 119.75 (low Dec.4) would open the door to 118.38 (low Dec.2) and finally 117.86 (low Dec.1).
USD/JPY looks to US Payrolls
The underlying bearish trend in the yen plus the upbeat momentum in the US dollar continue to fuel the current upside in the pair to the vicinity of the psychological barrier at 120.00, ahead of November’s Payrolls in the US economy due tomorrow. Market consensus expects the economy to have added 232K during the past month, keeping the buoyant tone and the recovery alive in the labour market. On the Japanese side, opinion polls would be pointing to a continuation of the ‘Abenomics’ in the next mid-December election.
USD/JPY levels to consider
At the moment the pair is up 0.04% at 119.86 with the next hurdle at 119.98 (2014 high Dec.4) followed by the psychological levels at 120.00 and then 121.00. On the downside, a breach of 119.75 (low Dec.4) would open the door to 118.38 (low Dec.2) and finally 117.86 (low Dec.1).