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USDJPY – Reaching for 104.00?
It’s been an extraordinarily good week for USDJPY. After surviving several bear raids on the 100.00 level, the pair has stabilized and taken off like a rocket over the past few days, coming within a few pips of the 103.00 figure in today’s North American trade. The drive higher has been led by better US data as ISM Manufacturing climbed above the 50 boom/bust level and Economic Optimism improved.
Although the market may be waiting for the NFP to confirm the bullish view that Fed will begin hiking rates in earnest starting December, traders may not wait til Friday to lift the pair higher. If tomorrow’s ADP report beats the forecast, the market may decide that the news is good enough to push the pair towards the key 104.00 level. A break above that figure would confirm that a double bottom has been set in place and that the near-term trend for USDJPY is up.