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5 Dec 2014
USD/JPY clings to 120.00
FXStreet (Edinburgh) - The greenback continues to push higher on Friday, with USD/JPY keeping the trade above the psychological 120.00 handle.
USD/JPY focus on Payrolls
Mixed docket in Japan added further selling pressure to JPY, with the flash version of the Coincident Index coming in at 110.2 in October vs. 109.8, and the Leading Economic index easing to 104.0 from 105.6 in the previous month. Ahead in the day, the monthly key report on the US labour market will take centre stage, with Payrolls expected at 232K for the month of November. “The intraday target indicated at 120.20 was met with a high of 120.25. The sharp pull-back from the high is likely the start of a corrective pull-back. Allow for a test of 120.05/10 but 120.30 is expected to cap for move lower to 119.40”, suggested strategists at UOB Group.
USD/JPY key levels
At the moment the pair is up 0.10% at 120.10 with the next resistance at 120.25 (2014 high Dec.4) followed by 121.00 (psychological level) and then 121.06 (76.4% of 135.20-75.31). On the flip side, a breakdown of 119.33 (low Dec.4) would expose 119.13 (low Dec.3) and finally 119.10 (38.2% of 117.224-120.25).
USD/JPY focus on Payrolls
Mixed docket in Japan added further selling pressure to JPY, with the flash version of the Coincident Index coming in at 110.2 in October vs. 109.8, and the Leading Economic index easing to 104.0 from 105.6 in the previous month. Ahead in the day, the monthly key report on the US labour market will take centre stage, with Payrolls expected at 232K for the month of November. “The intraday target indicated at 120.20 was met with a high of 120.25. The sharp pull-back from the high is likely the start of a corrective pull-back. Allow for a test of 120.05/10 but 120.30 is expected to cap for move lower to 119.40”, suggested strategists at UOB Group.
USD/JPY key levels
At the moment the pair is up 0.10% at 120.10 with the next resistance at 120.25 (2014 high Dec.4) followed by 121.00 (psychological level) and then 121.06 (76.4% of 135.20-75.31). On the flip side, a breakdown of 119.33 (low Dec.4) would expose 119.13 (low Dec.3) and finally 119.10 (38.2% of 117.224-120.25).