FXStreet (Edinburgh) - The greenback is picking up pace vs. the Japanese yen on Thursday, lifting the USD/JPY to intraday highs just below the 102.00 handle.

USD/JPY looks to Payrolls

Spot saw its strength renewed on Wednesday following auspicious data from the US economy, while a good number in today’s US Payrolls would certainly give extra oxygen to the USD, and thus propel spot beyond 102.00 the figure. “USD-JPY continued to firm in tandem with UST yields providing a tailwind on Wednesday and implicit appetite for the USD ahead of the NFP may keep a bid under the pair in the interim. Initial resistance is expected at the 55-day MA (102.02) while the 200-day MA (101.77) and then 101.50 may support on initial dips”, noted Emmanuel Ng, FX Strategist at OCBC Bank.

USD/JPY levels to consider

The pair is now advancing 0.15% at 101.94 facing the next hurdle at 102.02 (Kijun Sen) ahead of 102.17 (high Jun.24) and finally 102.20 (high Jun.20). On the flip side, a breakdown of 101.41 (low Jul.2) would aim for 101.29 (low Jul.1) and then 101.24 (low Jun.30).

Investopedia makes you smarter.
Sign up for the News to Use newsletter for the latest in expert analysis, market insights and news.