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Forex pairs in this Article » USD/JPY (Barcelona) - The USD/JPY is now trading at 101.78 – down from the recent peak at 103.37 – as the correction from overbought levels continues despite improving US data.

USD/JPY traders to monitor Japanese indicators and US jobs on Friday

The USD/JPY has remained on the decline in the short-term Thursday and thus far on Friday despite a much better-than-expected US GDP number and bullish weekly jobless claims data. Now, USD/JPY traders are readying themselves for the release of Japanese Leading and Coincident Economic Indices at 01:00 GMT and a barrage of US data later in Friday’s session – headlined by the monthly non-farm payrolls data at 13:30 GMT.

Technical outlook for USD/JPY

Technicians say the USD/JPY is in correction mode right now and has as its downside targets at 101.04 and 100.32. When the cross resumes its upside action, the Fibonacci-generated target resistance will be 103.54 with the 5/22 intraday high at 103.728 backing that up.
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