“¢ Resurgent US bond yields/USD uptick helps build on overnight rebound. “¢ Bulls seemed largely unaffected by BoJ’s decision to trim JGB purchases. “¢ Focus remains on the key US NFP report and wage growth data. The USD/JPY pair built on overnight rebound from 50-day SMA support and extended the momentum further beyond the 109.00 handle. The pair regained positive traction on the last trading day of the week and seemed unaffected by the Bank of Japan’s decision to unexpectedly trim the purchases of Japanese Government Bonds (JGBs) for the first time in three months. A goodish pickup in the US Dollar demand, supported by Thursday’s mostly positive US economic data and resurgent US Treasury bond yields, was seen as one of the key factors behind the pair’s steady climb through the Asian session on Friday. Meanwhile, returning trade war fears prompted a fresh wave of global risk-aversion trade but did little to lift the Japanese Yen’s safe-haven demand, with the USD price dynamics acting as an exclusive driver of the pair’s goodish uptick on Friday. On Thursday, The Trump administration announced that the EU, Canada and Mexico would now be subject to tariffs on imported steel and aluminium, and reignited concerns over a full-blown global trade war. Currently trading around the 109.15 region, investors now look forward to the keenly watched US NFP report, especially the wage growth figures, which should help determine the next leg of directional move. Technical outlook “A convincing move higher to 110.00 could be seen if the US wage growth number betters estimates. Meanwhile, the pair could drop below the weekly low of 108.11 if the US wage growth number disappoints,” writes Omkar Godbole, FXStreet’s own Analyst and Editor. He further adds: “A close below 108.64 (May 4 low) would confirm a bearish-to-bullish trend change (rally from March 29 low of 104.63 has ended and the bears have regained control) and open doors to a deeper sell-off to 107.21 (61.8 percent Fibonacci retracement) – 107.00 (psychological level).” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD remains vigilant on US NFP – Danske Bank FX Street 5 years "¢ Resurgent US bond yields/USD uptick helps build on overnight rebound. "¢ Bulls seemed largely unaffected by BoJ's decision to trim JGB purchases. "¢ Focus remains on the key US NFP report and wage growth data. The USD/JPY pair built on overnight rebound from 50-day SMA support and extended the momentum further beyond the 109.00 handle. The pair regained positive traction on the last trading day of the week and seemed unaffected by the Bank of Japan's decision to unexpectedly trim the purchases of Japanese Government Bonds (JGBs) for the first time in… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
