The Japanese yen is in negative territory on Friday after rising 0.89% a day earlier. In the European session, USD/JPY is trading at 152.82 at the time of writing, up 0.52% on the day.
Markets brace for super-soft Nonfarm Payrolls
The US releases the October employment report later today and the markets are bracing for a soft nonfarm payroll report of just 113 thousand. This isn’t due to the US economy crashing into a wall, but rather one-time events which likely took a chunk out of job growth this month – destructive hurricanes and the Boeing strike. If the market prediction is accurate, it would be the lowest nonfarm payrolls since December 2020.
Will the markets look beyond the jobs number? If so, a sharp nonfarm payrolls report shouldn’t trigger any panic. The unemployment rate is expected to remain unchanged at 4.1% and wage growth is projected to rise 0.3% m/m and 4% y/y, little changed from September.
The US will also release the ISM Manufacturing PMI later today. The manufacturing sector has been in the doldrums, posting only one month of growth in the past two years. The market estimate for November stands at 47.6, slightly better than the 47.2 reading in October.
In Japan, the drama continues as Prime Minister Ishiba fights for his political life. Japan’s parliament will convene on Nov. 11 to vote for the prime minister. Ishiba has been in power for only a month and his snap general election backfired, as the ruling Liberal Democratic Party failed to win a majority. The political instability has sent the yen reeling, as the currency plunged 5.8% against the US dollar in October.
USD/JPY technical
-
USD/JPY has pushed past resistance at 152.49. The next resistance is 153.14.
-
151.39 and 150.74 are the next support levels.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors — not necessarily OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Recommended Content
Editors’ Picks
EUR/USD remains offered below 1.1300
EUR/USD remains under pressure on Thursday, maintaining its trade below the key 1.1300 support. The pair's pullback coincides with a rebound in the US Dollar, buoyed by stronger-than-expected businnes activity gauges in the US.
GBP/USD keeps its bullish stance above 1.3400
Encouraging prints from flash UK PMIs seem to be lending a hand to the British Pound on Thursday, motivating GBP/USD to stick to daily gains and extend its advance for yet another day beyond 1.3400 the figure.
Gold appears sidelined around $3,300
Gold now seems to have embarked on a daly consolidative phase around the $3,300 mark per troy ounce amid the firm performance of the Greenback. However, a cautious market mood is helping to limit the downside for the precious metal.
Bitcoin celebrates annual Pizza Day with a new all-time high
Bitcoin (BTC) enthusiasts are celebrating Bitcoin Pizza Day with a banger. BTC made a new all-time high on Wednesday and has entered price discovery mode. The OG cryptocurrency is trading above $110,000 for the first time ever.
FOMO vs fundamentals: Retail buys the dip, institutional investors stay cautious
Retail optimism is rising, but institutions are still treading carefully amid lingering macro and earnings risks. Policy and fiscal uncertainty remain elevated, with trade tensions, U.S. debt concerns, and a cautious Fed dominating the backdrop.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.