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5 Jun 2014
USD/JPY eases to lows around 102.50
FXStreet (Edinburgh) - The Japanese yen is appreciating against its American counterpart on Thursday, pushing the USD/JPY to the mid-102.00s.
USD/JPY attention to the US docket
Recent disappointing ADP figures in the US economy plus a lower-than-expected services PMI on China supported the bullish momentum around the JPY, collaborating in the decline from recent lows around 102.80. Next on tap in the US calendar will be the weekly report on the labour market ahead of the key Payrolls tomorrow. “We remain constructive on the pair ahead of the ECB today and the US NFP on Friday in the current dollar environment, especially with the pair managing to subsist above its 55-day MA (102.23) in the past week. Initial resistance is seen on approach of the 102.80/85 zone”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
USD/JPY key levels
The pair is now losing 0.24% at 102.47 with the next support at 102.27 (low Jun.3) ahead of 101.76 (low Jun.2). On the upside, a breakout of 102.80 (high Jun.4) would expose 103.02 (high May 2).
USD/JPY attention to the US docket
Recent disappointing ADP figures in the US economy plus a lower-than-expected services PMI on China supported the bullish momentum around the JPY, collaborating in the decline from recent lows around 102.80. Next on tap in the US calendar will be the weekly report on the labour market ahead of the key Payrolls tomorrow. “We remain constructive on the pair ahead of the ECB today and the US NFP on Friday in the current dollar environment, especially with the pair managing to subsist above its 55-day MA (102.23) in the past week. Initial resistance is seen on approach of the 102.80/85 zone”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
USD/JPY key levels
The pair is now losing 0.24% at 102.47 with the next support at 102.27 (low Jun.3) ahead of 101.76 (low Jun.2). On the upside, a breakout of 102.80 (high Jun.4) would expose 103.02 (high May 2).