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5 Apr 2013
Forex: USD/JPY finds support at 96.00 ground ahead of US NFP
FXstreet.com (Barcelona) - From the 97.19 high printed during the Asian session, the USD/JPY fell across the chart to test the support at 96.00 psychological level and reached as low as 95.86 before bouncing and retest the 96.00 ground on the upside. The market is currently close to flat levels on the day, at 96.27.
The US NFP report is the main attraction of the day and investors will be watching the publication closely. Market consensus points to 200K added jobs in March, following the 236K added in February. Risks are seen to the downside due to uncertainty from sequestration.
“The recent peak at 97.17 marks the end of the impulse after 92.54 low and currently a consolidation pattern is underway, preceding next leg upwards, to 98.+”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a bearish outlook below 96.64 resistance, but every dip is expected to be limited above 95.20 support area.
The US NFP report is the main attraction of the day and investors will be watching the publication closely. Market consensus points to 200K added jobs in March, following the 236K added in February. Risks are seen to the downside due to uncertainty from sequestration.
“The recent peak at 97.17 marks the end of the impulse after 92.54 low and currently a consolidation pattern is underway, preceding next leg upwards, to 98.+”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a bearish outlook below 96.64 resistance, but every dip is expected to be limited above 95.20 support area.