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USD/JPY back above 103.50 in pre-NFP trading

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After Thursday’s brief pause, the USD/JPY resumed with its near-term bullish momentum and is now building on to its gains to currently trade around mid-103.00s.

The pair on Thursday was rejected from 104.00 handle and reversed sharply after US ISM manufacturing PMI signalled contraction in August. The reversal, however, was limited and the pair has managed to hold 103.00 handle amid rising expectations of additional monetary stimulus by BoJ.

Investors now turn their focus on the much-awaited US non-farm payrolls data, later during NA trading session, which is an important factor in the Fed next monetary policy action and hence, would be a key determinant for the greenback’s near-term trajectory.

Paul

The author Paul