The Japanese Yen (JPY) prolongs its uptrend for the fourth successive day and advances to a nearly two-month high against its American counterpart during the Asian session on Friday.
The Japanese Yen touched a nearly two-month high against the US Dollar on Friday. Repositioning ahead of the US NFP triggers intraday short covering around USD/JPY. The narrowing US-Japan rate differential should limit losses for the lower-yielding JPY. The Japanese Yen prolongs its uptrend for the fourth successive day and advances to a nearly two-month high against its American counterpart during the Asian session on Friday.
That said, traders opt to lighten their bets and move to the sidelines ahead of the release of the US Nonfarm Payrolls report, prompting an aggressive intraday short-covering move around the USD/JPY pair on Friday. USD/JPY is likely to attract fresh sellers at higher levels amid a bearish technical setup From a technical perspective, this week's breakdown below the 152.50-152.
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