USD/JPY to rise towards 107.10 on an upbeat NFP report
USD/JPY is stable around 106.20, recovering some ground alongside equities and US Treasury yields. The pair is technically neutral above the 106.00 figure and has room to test 107.10. The focus is on the US Nonfarm Payrolls report and the dollar’s response, FXStreet’s Chief Analyst Valeria Bednarik briefs.
Key quotes
“The US will publish its August employment figures and is expected to have recovered another 1.4 million jobs in August, after adding 1.76 million in July. The unemployment rate is expected to tick down to 9.8% from the latest 10.2%, while the participation rate is seen steady at 61.4%. Average Hourly Earnings, however, are expected to remain flat in the month and are foreseen at 4.5% when compared to a year earlier.”
“USD/JPY is barely holding above its moving averages, which remain confined to a tight range. Technical indicators, in the meantime, are flat just above their midlines.”
“The upcoming direction will depend on the outcome of the US employment report, with an upbeat result probably boosting the pair towards the 107.00 price zone. Below 105.90, on the other hand, the pair could fall towards the 105.50 region.”
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