USD/JPY keeps rising ahead of US NFP

Ani Salama FXStreet

FXStreet (Córdoba) - Dollar has continued to advance versus the yen, reaching fresh 7-year highs above 120.00 ahead of the US nonfarm payrolls release.

USD/JPY broke above Thursday's highs and extended gains to 120.37 with the yen among the worst performers across the board. At time of writing, the pair is trading at 120.33, recording a 0.46% gain on the day.

Greenback was helped by a Wall Street Journal article suggesting the best scenario is the Fed to start raising rates soon and end quickly, according to simulations by Federal Reserve economists.

Attention will now focus on how the dollar reacts to the US jobs data. Consensus calls for a 232k increase in November and for the unemployment rate to remain unchanged at 5.8%.

USD/JPY technical levels

As for technical levels, USD/JPY could find next resistances at 120.73 (Jul 26 2007 high) and 121.00 (psychological level). On the flip side, supports are seen at 119.70 (daily low) and 119.33 (Dec 4 low).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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