Forex Flash: Better-than-expected NFP figures would benefit USD/JPY – Rabobank
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USD/JPY
FXstreet.com (Barcelona) - The Japanese yen continues its strong depreciation against the greenback on Friday, pushing the cross to levels last seen in July 2010 above the key level at 88.00, ahead of the US NFP figures.
According to Senior Currency Strategist Jane Foley at Rabobank, "Better US data today is also likely to bring fresh impetus into the rally in USDJPY, while the strength of the momentum in that rally at present could mean that any pullbacks on poor data are short-lived. While few investors would argue against the trend in USDJPY for the time being, we are of the view that the move is vulnerable to a correction during the 1st quarter this year. For now, however, support at USDJPY 87/35 and resistance in the 89 area".
According to Senior Currency Strategist Jane Foley at Rabobank, "Better US data today is also likely to bring fresh impetus into the rally in USDJPY, while the strength of the momentum in that rally at present could mean that any pullbacks on poor data are short-lived. While few investors would argue against the trend in USDJPY for the time being, we are of the view that the move is vulnerable to a correction during the 1st quarter this year. For now, however, support at USDJPY 87/35 and resistance in the 89 area".
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