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1 Apr 2014
USD/JPY extends its advance beyond 103.60
FXStreet (Buenos Aires) - The USD/JPY advances to fresh daily highs in the US afternoon, trading at its highest level in 3 weeks and nearing 103.75 past March high. The positive tone of local share markets, with S&P starting this second quarter of the year posting fresh record highs, supports the positive momentum of the pair which is again struggling to overcome the key Fibonacci resistance, the 61.8% retracement of this year drop.
US NFP to make it or break it
However, the lack of volume across the board maintains the pair subdued, and the lack of action will probably continue into Wednesday, ahead of first line data to be release on Thursday and Friday. The European Central Bank decision first, does not usually affect the pair much, but US Nonfarm payrolls numbers, could make it of break it for this new born bullish trend: a positive surprise may boost the pair higher, with market then probably eyeing this year high of 105.35.
US NFP to make it or break it
However, the lack of volume across the board maintains the pair subdued, and the lack of action will probably continue into Wednesday, ahead of first line data to be release on Thursday and Friday. The European Central Bank decision first, does not usually affect the pair much, but US Nonfarm payrolls numbers, could make it of break it for this new born bullish trend: a positive surprise may boost the pair higher, with market then probably eyeing this year high of 105.35.