FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURUSD and USDJPY) for the day
FxWirePro: USD/JPY comatose ahead of key US Non-Farm-Payrolls data
Chart - Courtesy Trading View
USD/JPY was trading in a narrow range as traders await key US Non-Farm-Payrolls data.
Monetary policy divergence between the Fed and BoJ, along with a positive risk tone, weighs on the safe-haven Japanese yen.
Traders remain wary and remain sidelined ahead of the closely-watched US monthly jobs data, due later in the early North American session.
Analysts expect a 250,000 rise in Nonfarm Payrolls in July following the 372,000 increase in the previous month.
Recession fears, geopolitical tensions weigh on the risk-appetite and keep downside in the pair limited.
The data from Japan released early Asian session showed the Leading Economic Index declined to 100.6 in June from 101.2 in May.
USD/JPY remains capped below 200H MA. Decisive break above required for upside continuation.
Major Support Levels:
S1: 131.50 (Lower BB)
S2: 129.81 (110-EMA)
Major Resistance Levels:
R1: 133.63 (55-EMA)
R2: 134.89 (21-EMA)
Summary: USD/JPY trades with a neutral bias. The major awaits US NFP report for impetus.
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