FxWirePro: USD/JPY marginally higher ahead of key NFP data, techs support upside

USD/JPY chart - Trading View 

USD/JPY was trading marginally higher at 109.18 at around 04:10 GMT, caution prevails ahead of crucial NFP data.

Initial Jobless Claims on Thursday was higher at 1877K vs. the 1843K estimate with a slight revision higher to the prior week.

Earlier in the week, ADP employment report for May was better-than-expected with a -2.760m decline (vs. -9m expected). The extent of the job losses the prior month was also revised lower. 

Today's key Nonfarm Payrolls data (scheduled at 12:30 GMT) is expected to show a further deterioration in the state of the US labour market. 

Technical analysis supports gains in the pair. Price action is extending gains above 200-DMA and cloud.

Oscillators are at oversold, but no major signs of reversal seen. Weekly charts also support upside continuation. 

Dips could be used to go long in the pair. Next immediate hurdle lies at 61.8% Fib at 109.52. Weakness only on retrace below 200-DMA.