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USD/JPY clings to recovery gains above 113.00 handle, awaits NFP release

The greenback extended its recovery move, heading into the key NFP data, helping the USD/JPY pair to hold on to its recovery gains back above 113.00 handle.

Currently trading around 113.15 region, just shy of session peak level of 113.25 touched during early European session, traders continue to lighten their bearish USD bets in anticipation of strong headline number. Needless to say, that a combination of upbeat average earnings growth would help the key US Dollar Index to extend its recovery move from Thursday's 11-week lows.

Moreover, the pair has repeatedly bounced off 112.00 handle, which could have further prompted a short-covering bounce despite of a disappointment from BoJ's bond purchase operations, which failed to keep a lid on rising yields. In fact, the 10-year JGB yields rose to fresh one-year high of 0.150% and dragged the pair to intra-day low near 112.50 region.

Despite of its recovery from session low, and subsequent move above 113.00 handle, the pair lacked follow through momentum as investors preferred to remain on the sidelines ahead of the keenly watched US jobs data, slated for release in a short while from now.

AG Markets Review

Friday, 03 Feb, 2017 / 4:56

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