US NFP Potential to Push USDJPY to level 120


USDJPY reaching 120.25 triggered by a decline in EURUSD post press conf. of the ECB. However, profit-taking seemed to weigh on USDJPY after successfully able to penetrate the psychological area 120, so pull back the currency pair to the range of 119 and go up to adjust the position at 119.90 this morning.

In Japan, signs, that the coalition supporting Shinzo Abe as a stimulus to victory in the upcoming election continues to grow.
For all today, all eyes will be on US payrolls data. Analysts polled by Reuters expect employers added 230,000 new jobs last month for their salary and the unemployment rate remained unchanged at 5.8 percent. Surprise over the forecast will give the market a fresh reason to buy dollars.

Nevertheless, data from Japan leading indicator and coincident indicators may drive USDJPY, which if released weakened, it is likely to provide acceleration to USDJPY to test the 120 area again. Otherwise, the USDJPY potential for a pullback and survive the range of the range of 119.70-119.90.

Support: 119.67- 119.06 – 118.80
Resistance: 119.94 – 120.75 – 121.15