USD/JPY: Awaits Risk Events - Nonfarm Payrolls
is currently consolidated between a 10 pip range as Asia opens mixed
following a subdued performance overnight on Wall Street as markets get
set for the nonfarm payrolls showdown tonight in the U.S. shift.
Nonfarm Payrolls: expect the unexpected
Analysts at Westpac noted that the consensus for US Apr non-farm payrolls is 200k, after 215k in Mar and 245k in Feb, however, also explained that there are potential negative influences include the strikingly weak 156k reading on ADP private payrolls...read more here.
Meanwhile, global equity bourses were mixed with the Euro Stoxx 50 and FTSE 100 finishing up 0.1% while the DAX gained 0.2% and the CAC 40 shed 0.1%. US stocks were broadly unchanged.
The next risk event ahead is the RBA quarterly statement. Analysts at ANZ explained that after the rate cut earlier this week it will be a key focus for markets. Read more here
Valeria Bednarik explained, technically, the 1 hour chart shows that the price is now above its 100 SMA, around 106.60, whilst the technical indicators have turned south around their mid-lines, lacking momentum and therefore not enough to confirm further slides. In the 4 hours chart, the technical indicators remain above their mid-lines, but losing upward strength, as the price develops far below their moving averages, all of which maintains the risk towards the downside."