The USD/JPY extension persists, after closing above 107.00 on Wednesday. However, the extension is looking stretched, and longs may want to take profits ahead of Fed Chair Powell's speech (17:05 GMT) and Nonfarm Payrolls figure on Friday, Terence Wu, FX Strategist at OCBC Bank, briefs.
“The USD/JPY close above 107.00 will give courage to the bulls to push for the 107.50/80 mark, although that may be a bridge too far ahead of the risk events into the end of the week (Powell’s speech and NFP).”
“Stretched technicals provide arguments to take profit on longs, before re-entering at better levels.”
“Support at 106.80 for now.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.