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USD/JPY – Have We Found a Bottom?
After a seemingly endless slide lower USD/JPY finally found some support today and ended above the 102.50 level. The pair has been battered over the past week as the slide in US yields continued unabated. But with recent US economic data looking better, US yields have stabilized above the 2.50% level and that support has provided some bid tone to USD/JPY. Tomorrow all eyes will be focused on the ADP payroll report which serves as a precursor to the Thursday’s Non Farm Payroll number. If the ADP data which is expected to print above the 200K level, meets or beast the market forecast USD/JPY could extend its rally and maybe even challenge the 102.00 figure before the NFPs are released.
Technically, the 100.75 barrier remains a key support for the pair and the longer the base holds the more likely the pair is to break to the upside as foundation holds. A break below the 100.75 level however opens the possibility of a run through 100 while a take out of 102.00 creates a much more bullish bias in the pair.