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Forex pairs in this Article » EUR/USD, USD/JPY (Barcelona) - FX Strategists at the Bank of Tokyo Mitsubishi UFJ note that the upcoming US employment report may prompt dollar buying versus the yen to the 103-level if the recent average gain in employment remains close to 200k.

Key Quotes

“The current consensus according to Bloomberg is for a gain of 183k – which would be good enough to maintain optimism of a gradual improvement in labour market conditions.”

“Momentum this week has been clearly in favour of yen selling versus the dollar even with EUR/USD drifting higher.”

“Hence, any correction lower, say due to a weaker employment report in the US, is unlikely to be deep or sustained and we would expect the 100.00 level to hold even if payrolls were weak.”
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