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2 Sep 2015
USD/JPY floats above 120, US data eyed for fresh incentives
FXStreet (Mumbai) - USD/JPY keeps its corrective rally intact and clings to the 120 handle heading into the US opening bells as the focus now shifts towards a set of US macro data due to be released shortly.
USD/JPY keeps gains ahead of US data
Currently, the USD/JPY pair trades 0.60% higher at 120.06, finding good support at 119.70 levels. The major traded quite choppy this session, dropping to session lows below 120 handle and finally back above it as markets remain cautious ahead of the US employment report.
The ADP figures due should slightly improve from July's level to 200,000. More of interest will be Friday's payrolls figures, although market participants will not be any more certain about rates in the near future.
The gains in the USD/JPY pair may be largely attributed to the sharp rebound seen in the greenback after two back-to-back sessions of losses amid persisting China slowdown worries.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.46 (Today’s High) levels and above which it could extend gains 121.28 (Sept 1 High) levels. To the downside immediate support might be located at 119.22 (Today’s Low) below that at 118.43 (Aug 26 Low).
USD/JPY keeps gains ahead of US data
Currently, the USD/JPY pair trades 0.60% higher at 120.06, finding good support at 119.70 levels. The major traded quite choppy this session, dropping to session lows below 120 handle and finally back above it as markets remain cautious ahead of the US employment report.
The ADP figures due should slightly improve from July's level to 200,000. More of interest will be Friday's payrolls figures, although market participants will not be any more certain about rates in the near future.
The gains in the USD/JPY pair may be largely attributed to the sharp rebound seen in the greenback after two back-to-back sessions of losses amid persisting China slowdown worries.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.46 (Today’s High) levels and above which it could extend gains 121.28 (Sept 1 High) levels. To the downside immediate support might be located at 119.22 (Today’s Low) below that at 118.43 (Aug 26 Low).