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FxWirePro: USD/JPY comatose at cloud support, focus on U.S. NFP data for impetus

USD/JPY chart - Trading View 

USD/JPY was trading largely rangebound on the day, bias remains neutral.

Focus now on US NFP data for impetus and clear directional bias. Above-forecast data may cause a temporary rise in the US dollar. 

U.S. NFP is expected to show that job growth accelerated in June. The US economy is expected to have added 3,000K jobs in June following May's 2509K additions. 

However, the jobless rate is forecasted to have increased to 7.7% from 7.3%. Meanwhile, Average Hourly Earnings are expected to have risen by 5.3% y/y in June, down from May's increase of 6.7%.

Pullbacks on poor data could be short-lived, as the Federal Reserve is injecting liquidity into the system to support the economy. 

Price action continues within daily cloud and is holding support at cloud base. Break below will see weakness.

200-DMA is major resistance at 108.37. Decisive breakout above required for any meaningful upside. Breach below cloud support will see test of 'Double Bottom' at 106.00. 

Major Support - 106.00 (Double Bottom)

Major Resistance - 108.37 (200-DMA)

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