FXStreet (Mumbai) – The USD/JPY pair rose above its 100-DMA at 121.75 and appears poised to re-test 122.00 levels again after having faced rejection at the same on Thursday.
Fifth consecutive day of gains?
Whether the pair manages to extend its 4-day winning streak depends entirely on the NFP report. The number is seen printing around 180K with unemployment steady at 5.1%. At the moment, the December Fed rate hike bets stand at around 58%.
In case the data is surprisingly strong, the pair could easily jump above 122.00, while a weaker figure could see the pair snap its four day winning streak. At the moment, the pair is trading around 121.85.
USD/JPY Technical Levels
The immediate resistance is seen at 122.00, above which the pair could rise to 122.12 (61.8% of 125.85-116.08). A break above the same would expose 123.01 (July 27 low). On the other side, support is seen at 121.75 (100-DMA) and 121.50 (Oct 26 high). A break below the same would open doors for a drop to 121.00 levels.
(Market News Provided by FXstreet)