USD/JPY depressed near 101.00 ahead of NFP

The greenback is now losing the grip vs. its G10 peers, with USD/JPY trading near session lows in the 101.10 area.

USD/JPY focus on US data

The pair is extending its consolidative theme around recent lows in the 101.00 area against a backdrop of the usual cautious trading ahead of US Non-farm Payrolls due later. Market consensus expects the US economy to have created 170K jobs during July, down from June’s solid print at 287K. Prior surveys are also expecting the unemployment rate to have ticked lower to 4.8% from 4.9%.

In the meantime, spot keeps the trade near the retracement from the June-July up move, amidst unclear direction of the greenback and the recent pick up in the demand for the safe haven JPY following the Japanese announcement of the stimulus package.

USD/JPY levels to consider

As of writing the pair is losing 0.13% at 101.09 facing the immediate support at 100.88 (78.6% Fibo of 99.08-107.48) ahead of 100.02 (low Jul.8) and then 99.08 (low Jun.24). On the other hand, a breakout of 102.83 (high Aug.2) would aim for 103.28 (50% Fibo of 99.08-107.48) and finally 104.12 (20-day sma).