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USD/JPY encounters solid offers near 113.00 ahead of US NFP
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  • US NFP next big focus for the pair
  • Strong US data aids the bulls
  • USD/JPY technicals support further advances

USD/JPY kept rising towards the 113.00 area on Thursday, resulting in a second consecutive day of gains as the market now prepares for the release of the first US NFP in 2018.

US data, caution ahead of US NFP main themes

Valeria Bednarik, Chief Analyst at notes: “The USD/JPY was helped by better-than-expected US data, as the peak came following strong ADP and PMI readings. Further backing the pair’s advance was a modest recovery in US Treasury yields, with longer-term notes’ yields adding 1 basis point in the day. The 2-year note yield hit 1.97% before settling around 1.95%.”

USD/JPY technicals

Valeriaa adds: “The bearish pressured eased, according to technical readings, as the pair managed to hold above its 100 DMA, currently at 112.55. In the 4 hours chart, the pair is stuck between horizontal moving averages, with the 100 SMA offering a short-term resistance around 112.90. In this last chart, the Momentum heads sharply higher above its 100 level, while the RSI hovers around 56, supporting some further advances on a break above 113.00. “

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