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USD/JPY – 125.00 Next?
Tomorrow is NFP day and like always markets will glued to the figure to gather an understanding of the health of the US economy. However tomorrow the number takes on a particular importance because it may finally convince the Fed to come off the zero bound standard and hike rate at the next meeting in December.
Any number above 200K will likely light a fuse under USD/JPY and push the pair through it key resistance at the 122.00 level. The pair has been in a virtual standstill for three months as it consolidated in 119.00-121.00 zone biding it time. But if Friday’s news causes an upside breakout the next target could be the multi year triple top at 125.00 as the pair awakes from its slumber.