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6 Feb 2015
USD/JPY in familiar levels ahead of US NFP
FXStreet (Bali) - USD/JPY continues to show subdued activity ahead of Friday's US NFP, a risk event that will likely help determine a direction for the start of next week, as range-trading conditions between 117.00 and 118.50/119.00 remain dominant for now.
Jim Langlands, Founder at FXCharts, notes: "Back below 117.00, and yesterday’s 116.85 session low, the first supports will be at Monday’s early interbank low at 116.64 and then at 116.55 (76.4% of 115.85/118.83). A break of this would suggest a move towards 116.00. On the topside, above 118.00, there will be the stronger resistances at 118.40(daily cloud top) and the stubborn 118.65/80 area. A break of this would lead back to 119.00, beyond which would then signal further gains towards the 12 Jan high at 119.30 and to 119.95 (8 Jan high)."
Jim Langlands, Founder at FXCharts, notes: "Back below 117.00, and yesterday’s 116.85 session low, the first supports will be at Monday’s early interbank low at 116.64 and then at 116.55 (76.4% of 115.85/118.83). A break of this would suggest a move towards 116.00. On the topside, above 118.00, there will be the stronger resistances at 118.40(daily cloud top) and the stubborn 118.65/80 area. A break of this would lead back to 119.00, beyond which would then signal further gains towards the 12 Jan high at 119.30 and to 119.95 (8 Jan high)."