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USDJPY trades within extended narrow range ahead of key US labor data

USDJPY remains within a two-week range and consolidating just under multi-year peaks at 151.90/152.00 zone (tops of Oct 2022 / Nov 2023 / March 2024).
Extended sideways mode (the pair is on track to end the second consecutive week in a tight Doji candle) reflects strong indecision, as the dollar remains supported by a wide gap between Fed and BoJ interest rates, while fears of Japan’s intervention to support weak yen, continue to cap the action.

Technical studies remain bullish on all larger timeframes and strong bullish bias expected while the price stays above broken 150 level, reverted to solid support, however, fundamentals are likely to be pair’s key driver this time.

Markets await release of US March labor data for fresh signals, with US NFP forecasted to increase by 200K in March, compared to 275K increase previous month, with stronger than expected March numbers to be dollar supportive and vice versa.

Initial support lays at 150.40 (20DMA), guarding pivots at 150.00/149.87 (psychological / Fibo 38.2% of 146.48/151.97 upleg), loss of which would shift near-term focus to the downside and expose next strong support at 149.20 (top of thick daily cloud / Fibo 61.8%).

Key barriers lay at 152.00 zone and sustained break here to spark stronger bullish acceleration, though looming intervention is likely to remain a strong obstacle for bulls.


Res: 151.52; 151.97; 152.56; 153.00
Sup: 150.67; 150.40; 150.00; 149.87