USD/JPY New York Price Forecast: US dollar remains supported vs. yen, NFP non-event

USD/JPY is stabilizing in the 108.00 handle after US jobs report.
The level to beat for bulls is the 108.70 resistance.
US Nonfarm Payrolls plummeted by 701K in March.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is stabilizing in the 108.00 level while challenging the 200 SMA on the daily chart. US Nonfarm Payrolls plummeted by 701K in March however the news was no news and it was essentially a non-event.

USD/JPY four-hour chart

USD/JPY is nearing the 108.70 resistance near the main SMAs on the four-hour chart as buyers are looking for a break beyond the above-mentioned level en route to the 110.00 and 111.70 resistance levels on the way up. Support can emerge near the 108.00, 107.00 and 105.00 levels.

Additional key levels

USD/JPY

Overview
Today last price	108.4
Today Daily Change	0.52
Today Daily Change %	0.48
Today daily open	107.88

Trends
Daily SMA20	107.78
Daily SMA50	108.78
Daily SMA100	108.98
Daily SMA200	108.33

Levels
Previous Daily High	108.1
Previous Daily Low	107.02
Previous Weekly High	111.72
Previous Weekly Low	107.76
Previous Monthly High	111.72
Previous Monthly Low	101.18
Daily Fibonacci 38.2%	107.68
Daily Fibonacci 61.8%	107.43
Daily Pivot Point S1	107.23
Daily Pivot Point S2	106.58
Daily Pivot Point S3	106.15
Daily Pivot Point R1	108.31
Daily Pivot Point R2	108.74
Daily Pivot Point R3	109.39

Author

Flavio Tosti

Independent Analyst

AUD/USD flirts with 0.7000, lowest since early August amid bullish USD

AUD/USD hits a fresh low since early August during the Asian session on Friday and looks vulnerable near 0.7000 after breaking below the 200-day SMA overnight. Against the backdrop of the hawkish Fed, a two-day rally in oil prices revives inflation fears and continues to push US bond yields to multi-year highs. Adding to this, geopolitical risks lift the US Dollar to a two-month high, overshadowing RBA rate hike bets and weighing on the pair.

USD/JPY pulls back from three-week high after failing near 159.00

USD/JPY edges lower during the Asian session on Friday, stalling its recent strong move to a three-week high of 159.00 as Japanese Yen bears turn cautious amid intervention fears. Meanwhile, the US Dollar retains a strong bullish undertone as the Fed's hawkish outlook and oil-driven inflation fears continue to push US bond yields to multi-year peaks. Furthermore, the BoJ's dovish rate hike last week might cap JPY and support spot prices.

Gold treads water below $4,300

Gold grabs some buying attention and advances marginally at the end of the week, partially retracing the weekly decline, although it is still navigating below the key $4,300 mark per troy ounce. The fresh selling bias on the Greenback and the modest decline in US Treasury yields appear to support the humble advance in the precious metal.

Week ahead: Rate hike bets face a crucial data week

Despite the solid drop from the mid-September high, oil prices remained in the driver’s seat for another week, setting the tone in financial markets. Six months have passed since the late-February start of the US-Iran conflict, and there is still no breakthrough in the stalled talks, despite pressure from regional leaders and the rest of the world.

CFTC Report: Defensive currency positioning takes hold

The week in one sentence: Sterling and Euro shorts deepened in the week to September 22, while Yen longs were cut sharply. Oil positioning improved despite a steep price decline, and Gold exposure remained crowded. The main signal was a more defensive currency positioning backdrop.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Fed and the BoJ have just done something remarkably similar. Both central banks raised interest rates by 25 bps last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.