USDJPY: Dollar remains choppy. More of the same ahead until Friday’s NFP? by FX Charts

USD/JPY: 119.11
$Jpy had a choppy Friday session, finishing not too far from where it started and looks set to begin the week in much the same vein. Expect increasing volatility as positions are squared ahead of the US Jobs data on Friday.On the topside there is resistance at 119.40 (38.2% of 121.17/118.32), which is also the weekly Tenkan, having closed below it, and at Friday’s 119.48 high and thus could prove quite a hurdle to overcome. Above 119.50 though, would open up further minor Fibo levels at 119.75 and 120.49, with 120.00 likely to see sellers in between, although given the negative look of the dailies I am not sure that we already to head back up here yet.

Back to the downside, 119.00/118.90 will provide minor support ahead of the 100 DMA/daily cloud top at 118.75 and Thursday’s 118.32 lows and the thin daily cloud base at 118.15. I don’t think we are going back down here, but if wrong then look for a run to 118.00 and lower.

Look for another day not too far removed from 119.00, with any direction likely to come later in the day if the US data (Personal Consumption/Expenditure, Pending Home Sales) is too far from expectations, but with the real action likely to arrive on Friday.

Economic data highlights will include:

M: Industrial Production

T: Housing Starts,

W: Tankan, Nomura Manufacturing PMI

T:  Foreign Bond Investment

F: Good Friday.

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