Technical Analysis

USD/JPY holds higher with payrolls in focus

The pair is making the most of a hold above the 130.00 mark this week, with sellers failing to catch a daily break below the key level. Since then, it’s been one-way traffic for the pair in a push to above 134.00 today as buyers eye the late December highs at 134.45-50 currently.

The 135.00 mark will also see offers lined up before the next key technical level comes into play via the 200-day moving average (blue line), seen at 136.45 at the moment.

Those will be upside levels to be wary of as we gear towards the US non-farm payrolls later today. The ADP data yesterday already gave us a bit of a teaser for any market reaction and we could very well see some bigger moves before the weekend depending on how the release later shapes up.

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