USD/JPY expected to move higher ahead of NFP

Rony Nehme SquaredFinancial

The US Dollar surged slightly higher against the Japanese Yen after US factory growth beat market expectations despite labor supply constraints and higher raw materials prices. Moreover, the Philadelphia Fed Bank President Patrick Harker said that if the US economy continues to recover from the Covid-19 pandemic, and if the job market recovers, then it may be time for tapering, however the sensitive subject didn’t boost USDJPY as much as I expected yet, as traders are likely waiting for NFP data tomorrow to gauge market sentiment, and to see whether the US job market is truly recovering at a fast pace or not.

From a technical perspective, the USDJPY remains bullish above both the 4h 50-MA and 4H 200-MA with ¥110.20 as my next upside target.

Support: 109.70/109.35.
Resistance: 110.20/110.90.

Author

Rony Nehme

SquaredFinancial

Rony has over twenty years of experience in financial planning and professional proprietary trading in the equity and currency markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.