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3 Apr 2014
USD/JPY in recovery mode, eyes on 104.00
FXStreet (Edinburgh) - The USD/JPY is now extending the intraday bounce off the 103.80 area, looking to regain the critical 104.00 handle.
USD/JPY focus on US Payrolls
Absent data releases in the Japanese economy tomorrow, market participants would focus their attention on March’s Payrolls, with consensus expecting the US economy to have created 196K jobs. In light of the current USD/JPY rally, strategists at UBS commented, “this would open fresh upside to 105.75, the 62% retracement of the June 2007 to October 2011 bear trade, and 110.71, the August 2008 failure high. We will accordingly recommend a new long in such an event, targeting 110.50”.
USD/JPY relevant levels
As of writing the pair is up 0.07% at 103.97 and a surpass of 104.07 (high Apr.3) would aim for 104.34 (76.4% of 105.45-100.76) and finally 104.84 (high Jan.23). On the downside, a break below 103.81 (low Apr.3) ahead of 103.10 (high Mar.12) and then 103.09 (low Apr.1).
USD/JPY focus on US Payrolls
Absent data releases in the Japanese economy tomorrow, market participants would focus their attention on March’s Payrolls, with consensus expecting the US economy to have created 196K jobs. In light of the current USD/JPY rally, strategists at UBS commented, “this would open fresh upside to 105.75, the 62% retracement of the June 2007 to October 2011 bear trade, and 110.71, the August 2008 failure high. We will accordingly recommend a new long in such an event, targeting 110.50”.
USD/JPY relevant levels
As of writing the pair is up 0.07% at 103.97 and a surpass of 104.07 (high Apr.3) would aim for 104.34 (76.4% of 105.45-100.76) and finally 104.84 (high Jan.23). On the downside, a break below 103.81 (low Apr.3) ahead of 103.10 (high Mar.12) and then 103.09 (low Apr.1).