- The dollar remains firm in the market after the latest data from the US.
- The yen is under pressure from rising bond yields.
- USD/JPY biased up testing last week’s highs ahead of NFP.
The USD/JPY rose to 134.59, hitting the highest level since December 12 and remains close to that level ahead of the US jobs report. The pair has been advancing steadily since hitting a June low on Tuesday at 129.50.
The dollar It is rising against the yen for the fourth day in a row supported by the latest US economic data and comments from Federal Reserve officials warning of the need for high interest rates for a long time.
The ADP jobs report on Thursday beat expectations. At 13:30 GMT on Friday the official report for December, known as NFP, will be released. The non-farm payrolls they are expected to rise by 200,000. Previous market positioning appears to reflect either an expectation of such a figure or a bullish surprise. The unemployment rate is expected to remain at 3.7%.
The data is expected to generate movement in the market. The USD/JPY arrives at said event testing the highs of last week that are located in the 134.50 zone. If affirmed above, the dollar would gain support to extend the bullish run. In case of not being able to with 134.50, a bearish correction could be given. Strong support is seen at 132.80.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
