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USDJPY – Will 110.00 Hold?
Tomorrow the market will finally get the long-awaited US labor data starting with ADP report and then the ISM Non-Manufacturing release which often serves as a good barometer of the Non-Farm payrolls due at the end of the week.
In Q1 the US data has slowed, as sentiment has climbed to record highs, but actual consumer spending has been subdued. That’s the reason why US bond yields have declined and the dollar rally has stalled. The market will be looking for concrete evidence that US growth continues to maintain its pace. Otherwise, any miss in the data could send USDJPY tumbling.
The pair has survived three attempts at testing the 110.00 figure. So far support has held. However, the short will redouble their efforts if the news disappoints and the pair is likely to tumble through the key 110.00 support level.