The Japanese Yen (JPY) edges higher against its American counterpart during the Asian session on Thursday and moves away from the weekly low touched on the previous day.
The Japanese Yen attracts some buyers on Thursday, albeit lacking bullish conviction. Rebounding US bond yields underpin the USD and offer support to the USD/JPY pair. Traders seem reluctant to place aggressive bets ahead of the US NFP report on Friday. The Japanese Yen edges higher against its American counterpart during the Asian session on Thursday and moves away from the weekly low touched on the previous day.
USD/JPY is likely to confront a stiff barrier and remain capped near 152.00 From a technical perspective, the USD/JPY pair showed resilience below the 100-day Simple Moving Average earlier this week and the subsequent recovery from its lowest level since October 11 supports prospects for additional gains. That said, oscillators on the daily chart are holding in negative territory and are still far from being in the oversold zone.
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