USD/JPY: NFP set to be decisive

USD/JPY was unable to extend its gains past 110.00 and now is awaiting the numbers of the US Nonfarm Payroll report which could trigger interesting movements in the pair, according to Valeria Bednarik from FXStreet.

Key quotes

“Activity is limited ahead of the release of the US Nonfarm Payroll report. The country is expected to have added 160K new jobs in January, while the unemployment rate is foreseen stable at 3.5%. Above expected numbers should give the greenback a boost.”

“USD/JPY is hovering around 109.70, retaining its bullish stance according to the 4-hour chart, as the pair is developing above all of its moving averages.”

“Much of the upcoming direction will depend on the NFP report, although the figures have to diverge from estimates to triggering interesting movements.”