Forex Marketz Daily Forex News – Fully Markets Update
The U.S. dollar is trading higher against the Japanese yen during the early Asian trade session on Friday. Forex traders are waiting on key U.S. labor data to be released during the North American trade session. Right now, the benchmark USD/JPY currency exchange rate is consolidating gains.
U.S. dollar traders, as well as other financial market participants will be monitoring today’s U.S. Labor Department. They are publishing labor market data for June. The United States is releasing their monthly non-farm payroll (NFP) report.
This also includes the monthly unemployment rate as well as June’s labor participation rate. The currency markets will also look at U.S. monthly average hourly wage data.
Japan has no economic data scheduled to be released overnight into the weekend. The euro area will publish monthly factory gate prices, also called the producer price index (PPI). Spain is publishing monthly labor data. This is their unemployment change rate. The United Kingdom is not releasing economic data on Friday.
Daily U.S. Dollar Technical Analysis (USD/JPY)
Looking at price action on the above daily MT 4 price action chart, the USD/JPY Forex market is trading around 118.60. The 14 day MACD histogram looks positive which is a good sign for dollar buyers.
With that said, the USD/JPY currency exchange rate has been recovering from a low price point at 110.43 yen. The greenback has since rallied to a 15 month high price point set on Thursday at 111.63 yen.
Immediate technical resistance line up at the March 2020 high price point at 111.71 yen. The next upside barrier lines up at the April 2019 high price level in play at 112.40 yen.
On the downside the first layer of technical support lines up at 111.25 yen. A daily close below this level opens the door to challenge 111.01 yen. The next downside barrier then lines up at 110.90 yen.
