- Dollar advances on Friday ahead of key data.
- Advance in Treasury bond yields support the greenback.
- US employment report can generate noise.
The USD/JPY is rising on Friday ahead of the US jobs report. In the European session it reached as high as 122.76, the maximum in two days. It then pulled back and went sideways around 122.50.
In minutes the US employment data for March Non-farm payrolls are expected to show a rise of 490,000 and the unemployment rate has gone from 3.8% to 3.7% in March.
The dollar, before the data, rises in the market at a modest pace, supported by the rise in Treasury bond yields. The 10-year rate is at 2.41%, far from Thursday’s low of 2.31%. This is playing in favor of USD/JPY.
To the upside, resistances for the pair loom at 122.75 and then a strong barrier at 123.20. In case of asserting itself on this last level, the dollar will be strengthened. In the opposite direction, now 122.10/15 is the first support followed by 121.55 which is the last defense for the current week’s low at 121.25.
Technical levels
Source: Fx Street
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