USD/JPY churning near 150.50 with US NFP around the corner

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  • The USD/JPY is testing flat heading into Friday's US NFP report.
  • Japanese markets dark for a long weekend, Asia market session to see muted volumes.
  • US NFP to be closely watched following a dovish Fed in the mid-week.

The USD/JPY is taking a bumpy ride around the 150.50 level as Friday's trading window gets underway. Volumes in the Asia market session are expected to be reduced with Japanese exchanges and banks shuttered in observance of Culture Day. 

It's another US Non-Farm Payrolls (NFP) on the cards, and investors will be keeping a close eye on this release as markets are anticipating a notable decline in US jobs growth for October, with headline NFP forecast to come in at 180K versus September's bumper print of 336K.

NFP Preview: Forecasts from nine major banks, employment remains fairly healthy

Markets have been dropping the US Dollar since the Federal Reserve (Fed) gave a dovish showing on Wednesday, and markets are heralding the potential end of the Fed's rate hike cycle as investors turn their attention to waiting for a future Fed rate cut.

Forex Today: Dollar weakens further ahead of NFP

Celebrations may prove to be premature, with money markets currently pricing in the first rate cut from the Fed sometime in the midpoint of 2024.

USD/JPY Technical Outlook 

Despite the mid-week's Fed-fueled USD decline, the USD/JPY remains firmly well-bid in the long-term, trading well above moving averages and hasn't made contact with the 50-day Simple Moving Average (SMA) currently lifting into the 149.00 handle.

Technical resistance is thin on the topside with the USD/JPY inching towards thirty-year highs beyond 2022's peak of 151.94.

USD/JPY Daily Chart

USD/JPY Technical Levels

USD/JPY

Overview
Today last price 150.47
Today Daily Change -0.48
Today Daily Change % -0.32
Today daily open 150.95
 
Trends
Daily SMA20 149.71
Daily SMA50 148.49
Daily SMA100 145.58
Daily SMA200 140.18
 
Levels
Previous Daily High 151.71
Previous Daily Low 150.66
Previous Weekly High 150.78
Previous Weekly Low 149.32
Previous Monthly High 151.72
Previous Monthly Low 147.32
Daily Fibonacci 38.2% 151.06
Daily Fibonacci 61.8% 151.31
Daily Pivot Point S1 150.51
Daily Pivot Point S2 150.06
Daily Pivot Point S3 149.46
Daily Pivot Point R1 151.55
Daily Pivot Point R2 152.15
Daily Pivot Point R3 152.59

 

 

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