USD/JPY: headed for the 114 handle, 20 dma in sight

By FXStreet USD/JPY is headed for a positive close for the week having fallen just shy of the 114 handle with a high of 113.99 so far on the session and week.

USD/JPY has made a recovery from 111.03 earlier in the week on dips within the recovery that commenced on the 11th of this month from the Feb downtrend that started just below the 200 dma at 120.96. the dollar has made a comeback on better data and risk apatite while investors begin to look for a return on their otherwise idle capital parked in safer havens and the Yen has been unwound to an extent. The latest set of key US data came today in the Q4 GDP and this was revised higher on change inventory valuation method.

Next week, of course, markets will be turning their attention to nonfarm payrolls for Feb in the US. “US labor market momentum remains stuck in low gear, with the economy expected to add a relatively modest 168K jobs in February. This will only be marginally higher than the equally disappointing 151K jobs created the month before, and it remains well below the relatively brisk 230K average monthly pace of jobs growth …read more

Source:: FX Street