USD/JPY: basing on 107 ahead of nonfarm payrolls

By FXStreet USD/JPY is currently trading at 107.23 with a high of 107.50 and a low of 106.79.

USD/JPY has been a sideways play in a cooler session today and overnight while we await the nonfarm payrolls tomorrow. There has been some activity in the greenback continuing to make gains across the board, so the major has been able to drift higher in the absence of catalysts and has made a base on the 107 handle in a recovery from 105.54 lows earlier in the week.

We have had Fed speakers, with Bullard who markets pay attention to saying that there are uncertainties over Fed and Market expectations for the path of rates while Fed’s Williams suggests that we should have another rate hike this year.

USD/JPY levels

USD/JPY, as mentioned, has made a minor recovery from the 105.50 area. However, analysts at Scotiabank explained that, in the context of the heavy sell-off from 112 the week before, they cannot interpret the USD rebound so far as anything more than a minor correction or consolidation that leaves the door wide open still for renewed weakness. “A move above 107.75/80 at the very least is needed to stabilize the downswing.”
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Source:: FX Street