FxWirePro: EUR/JPY slips below daily cloud, better-than-expected EU Consumer Confidence indicator fails to impress
FxWirePro: USD/JPY comatose below 5-DMA, focus on key NFP data for impetus
USD/JPY chart - Trading View
USD/JPY was trading largely muted at 105.57 at around 07:25 GMT.
Caution prevails ahead of key U.S. NFP data. The dollar is seeing slight bids during the European session.
The latest weakness in early indicators does not bode well for the key Non-Farm payrolls due later today.
Forecasts suggest the headlines Non-Farm Payrolls (NFP) to weaken to 1600K from 4800K prior whereas Unemployment Rate may ease to 10.5% from 11.1%.
The pair trades with a bearish bias in a downward sloping channel. Minor recovery attempts capped at 5-DMA which is immediate resistance at 105.69.
Weakness in U.S. employment data could see downside in the pair. Little support seen till lower Bollinger band at 104.50. Bearish invalidation only above 21-EMA.