Publication of optimistic figures on US employment allowed the US dollar to strengthen in tandem with the Japanese currency. According to data from the Ministry of Labour, the number of new jobs in the US private sector increased to 287K, which is a signal positive situation in the economy, but the pressure is still maintained. Investors remain cautious regarding forecasts, lifting the base rate.
yen's position has not changed since last week. The pair is trading in a narrow sideways channel the limited levels of 99.90 and 101.20. On Friday, an attempt to consolidate below 100.00 strong psychological support was not successful, and the week closed at 100.30. The resistance is at 101.40, support - at 100.00.
On the 4-hour chart, the moving averages (50, 100 and 200) are directed downwards. At the H1 chart moving averages are also directed downward. The price is below the 50-EMA. The pair of quotes on Friday tested the 100-EMA and rolled back under the 50-EMA.
MACD is in negative territory, indicating that the power sellers. RSI is near the oversold area. If the light is come into the oversold zone, we get a sell signal.
USD / JPY Forecast for today
The pair USD / JPY, is likely to trade in a flat in the area of 101.40-100.00. Not exclude the possibility of tool offset in the upward direction and in case of breakdown of the level of 101.40, the purpose of correction is a mark 102.50.
Based on materials from Fort Financial Services