7 Nov 2014
USD/JPY consolidates above 115.00
FXStreet (Edinburgh) - The US dollar is trading almost unchanged vs. the Japanese yen on Friday, taking USD/JPY to the 115.20/30 band ahead of US Payrolls.
USD/JPY focus on NFP
The JPY is extending its depreciation following last Friday’s extra easing measures from the BoJ, boosting the pair from the 109.30 area to multi-year tops in the mid-115.00s this week. In the Japanese data front, Foreign Bond Investment rose to ¥806.6 billion in the week ended on October 31st while US Payrolls are due later. Consensus expects the US economy to have added 231K jobs in October, lower than September’s 248K. Sean Callow, Strategist at Westpac, noted, “Unease over the speed of the yen slide in Sep was already evident so concern is surely greater now. At the very least a period of consolidation seems in order for USD/JPY”.
USD/JPY relevant levels
At the moment the pair is advancing 0.09% at 115.28 and a surpass of 115.52 (2014 high Nov.6) would open the door to 115.93 (high Nov.1 2007) and then 116.00 (psychological level). On the downside, the immediate support lines up at 115.06 (low Nov.7) followed by 114.06 (low Nov.6) and then 113.42 (low Nov.5).
USD/JPY focus on NFP
The JPY is extending its depreciation following last Friday’s extra easing measures from the BoJ, boosting the pair from the 109.30 area to multi-year tops in the mid-115.00s this week. In the Japanese data front, Foreign Bond Investment rose to ¥806.6 billion in the week ended on October 31st while US Payrolls are due later. Consensus expects the US economy to have added 231K jobs in October, lower than September’s 248K. Sean Callow, Strategist at Westpac, noted, “Unease over the speed of the yen slide in Sep was already evident so concern is surely greater now. At the very least a period of consolidation seems in order for USD/JPY”.
USD/JPY relevant levels
At the moment the pair is advancing 0.09% at 115.28 and a surpass of 115.52 (2014 high Nov.6) would open the door to 115.93 (high Nov.1 2007) and then 116.00 (psychological level). On the downside, the immediate support lines up at 115.06 (low Nov.7) followed by 114.06 (low Nov.6) and then 113.42 (low Nov.5).