FxWirePro: USD/JPY loses momentum but bullish setup remains

• USD/JPY eased slightly  on Monday as greenback weakened as market turned cautious as investors awaited US labour market indicators.

• At the top of investors’ radar this week is Friday’s U.S. nonfarm payrolls report, widely viewed as the most influential gauge of labor market strength and a key input for the Federal Reserve’s policy path.

• The data will be closely scrutinized for signs of hiring momentum, wage growth, and overall employment trends, which could determine the scale of the Fed’s anticipated rate cut later this month. 

• Ahead of the release, markets will parse Tuesday’s JOLTS job openings report and Wednesday’s ADP private payrolls data for early signals on labor demand and hiring conditions.

• Immediate resistance is located at 146.46(SMA20), any close above will push the pair towards 148.71(Higher  BB).

•  Support is seen at 146.45(61.8%fib) and break below could take the pair towards  146.17(Lower BB).

Recommendation: Good to buy around 146.50, with stop loss of 145.60 and target price of 147.30