USDJPY Continues To Face Bullish Momentum…
The USDJPY remains on the upside as long as trades above 109.29/109.65 levels on a daily closing basis. Resistance comes at 110.25 levels. A halt is likely but a break would open 110.75 next, further upside, resistance comes in the 111.35 levels.
On the downside, support comes at the 109.65 level ahead of 109.29 level (main). However; below 109.29 sees a corrective pullback threat to 108.65/108.25 levels where a rebound is likely.
In conclusion: The USDJPY continues to face upside threats above 109.29/109.65 levels…
Support: 109.65, 109.29, 108.65, 108.27, 107.85
Resistance: 110.25, 110.75, 111.35, 111.82, 112.30
Key data/events which may affect USDJPY today:
- U.S Nonfarm Payrolls (Jan) at 13:30 GMT. The forecast is to rise by 160K, from 145K a month earlier.
- U.S Unemployment Rate (Jan) at 13:30 GMT. The forecast is to remain unchanged as the previous month at 3.5%
