Friday, January 6, 2017

USD/JPY has posted slight gains on Friday

USD/JPY has posted slight gains on Friday, as the pair trades at the 116 line. On the economic front, there are no Japanese releases to wrap up the week. In the US, the spotlight is on employment numbers, with three key events – Nonfarm Payrolls, Average Hourly Earnings and Unemployment Rate. Traders should be prepared for possible volatility in the currency markets in the North American session.•USD/JPY posted gains in the Asian session. In European trade, the pair posted gains but has retracted
•115.88 is a weak support
•116.88 is  the next resistance line
•Current range: 115.88 to 116.88
Further levels in both directions:
•Below: 115.88, 114.83 and 113.80
• Above: 116.88, 118.05, 118.85 and 119.83
USD/JPY ratio is unchanged in the Friday session. Currently, short positions have a majority (54%), indicative of slight trader bias towards USD/JPY continuing to move to lower ground.