Majors are comatose this Friday, as investors wait for the US NFP release later today. Employment data will be interpreted as a barometer of QE for the US: a reading below expectations, will probably push market players to dump dollars, while a positive number on contrary, should reduce expectations of more QE.
In the meantime, the USD/JPY that consolidates right below the 80.10 static resistance zone, presents a limited bullish tone according to the 4 hours chart, as per a short term ascendant trend line coming from 79.12 while also above 20 SMA. Expect good news to push the pair higher, with a break above 80.10 pointing for a retest of 80.60 June high.
To the downside, below 79.45, the short term double roof set at 80.10 will come into place, targeting then key 78.80 support.
View Live Chart for USD/JPY
In the meantime, the USD/JPY that consolidates right below the 80.10 static resistance zone, presents a limited bullish tone according to the 4 hours chart, as per a short term ascendant trend line coming from 79.12 while also above 20 SMA. Expect good news to push the pair higher, with a break above 80.10 pointing for a retest of 80.60 June high.
To the downside, below 79.45, the short term double roof set at 80.10 will come into place, targeting then key 78.80 support.
View Live Chart for USD/JPY
