The Japanese yen was trading weak against the greenback on Thursday. Price managed to post modest gains as the USD jumped on the record weekly jobless claims report. This was ahead of today’s monthly payrolls report. Investors expect the US unemployment rate to hold steady at 3.8%, while wages are forecast to rise 0.2% on the month. The economy is projected to add 175k jobs during March.
Can USDJPY Maintain the Upside Momentum?
The currency pair broke the resistance level at 111.40 but the momentum looks to be getting slower. This comes after prices consolidated just below the resistance level prior to the breakout. In the near term, the USDJPY could retest the 111.40 level to establish support. As long as the support holds, we expect the momentum to continue. But failure to keep the momentum going could push the USDJPY below the resistance level and could consolidate prices once again.
