The US Jobs Report for August revealed an increase of 142k payrolls. This data is crucial as it can influence the USD/JPY pairing significantly. The job market is a key indicator of the overall health of the economy and can impact investor sentiment towards the US dollar.
On September 13, the Michigan Consumer Sentiment Index is expected to increase from 67.9 in August to 68.0 in September. A rise in consumer confidence could result in increased consumer spending, which may benefit the US economy. This could potentially impact the demand for the US dollar and influence the USD/JPY pairing.
The USD/JPY pairing is sensitive to inflation and labor market data. Weaker inflation and labor market data in the US could lead to a decline in the USD/JPY below 140. On the other hand, positive economic indicators from Japan could maintain a bearish outlook for the pairing. Investors need to closely monitor these economic indicators to make informed trading decisions.
Technical Analysis
The USD/JPY remains below the 50-day and 200-day EMAs, indicating bearish price trends. A break above the 143.495 resistance level could pave the way for a move towards 145, while a return to 145 could target the 145.891 resistance level. Conversely, a drop below the 141.032 support level may signal a return to sub-140 levels. The 14-day RSI at 32.08 suggests a potential fall to the 141.032 support level before entering oversold territory.
The US Jobs Report and economic indicators play a significant role in influencing the USD/JPY pairing. Investors should stay informed with real-time data, central bank views, and expert commentary to adjust their trading strategies accordingly. The upcoming week is pivotal for the USD/JPY pairing, and vigilance is required to navigate the FX markets effectively.