AceTraderFx Nov 03: Intra-Day Market Moving News and Views -USD/JPY
Intra-Day Market Moving News and Views
03 Nov 2017 02:20GMT
USD/JPY - 113.94.. Dlr trades relatively narrowly but with a soft bias in subdued Asian morning as Japanese financial markets are closed for Culture Day holiday.
Despite swung wildly in hectic Thursday trading, the pair ended the day going nowhere. Price recovered from Asian 113.74 low to 114.21 in New York before tanking to 113.54 after U.S. tax reform plan was released in New York morning, however, price bounced back to 114.17 on broad-based recovery in the buck.
Sideways trading is expected as traders are keeping their powder dry for the final but most important eco. data for the week, the famous or infamous U.S. jobs report.
Market is looking for a blockbuster number of 315k increase in non-farm payroll increase vs last month's reading of -33K due to hurricane disruption, so if the actual number comes in as per forecast plus a decent monthly wage growth of 0.2% or higher, the buck will gain vs its major peers, if the number falls short of expectation, then beware of a broad-based usd bashing ahead of the weekend.
Offers are tipped at 114.15/25 with stops above 114.50.
Bids are noted at 113.70-60 with stops below 113.50, more stops are reported below 112.90.
U.S. will release jobs data, wage growth, trade balance all at 12:30GMT, then factory orders, durable goods orders, ISM non-mfg PMI, Markit services PMI. Minneapolis Fed President (voter) will speak at 16:15GMT.