JPY futures: rising odds for extra upside

EUR/USD stays on the back foot and trades at around 1.1650 on Friday. The pair remains undermined by broad US Dollar strength and a cautious market mood. Traders keenly await the US Nonfarm Payrolls data and Supreme Court's ruling on Trump's tariff powers for further direction. 

GBP/USD remains under bearish pressure after posting losses for three consecutive days and declines toward 1.3400. The US Dollar stays resilient against its rivals and doesn't allow the pair to stage a rebound as market participants await December employment data from the US.

Gold reverses a modest intraday dip to the $4,453 area, and trades near the top end of its daily range at around $4,470. The upside, however, seems limited as traders stay on the sidelines while waiting for the US Nonfarm Payrolls report later today. The crucial employment details will be looked upon for more cues about the Federal Reserve's rate-cut path.

The United States Bureau of Labor Statistics will release the Nonfarm Payrolls data for December on Friday at 13:30 GMT. Economists expect Nonfarm Payrolls to rise by 60,000 in December following the 64,000 increase recorded in November.

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Pepe is under extreme selling pressure, trading in the red for the fifth consecutive day, down 1% at press time on Friday. Pepe’s decline following a 72% hike last week suggests a likely profit-booking phase, while on-chain data indicates declining network activity.