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USD/JPY: Corrective bounce elusive, focus on trade talks and US jobs data
Friday, 7 June 2019 08:07 WIB | CURRENCIES |USDUSD/JPY,JPY,

USD/JPY created a bullish engulfing candle in Wednesday, but so far, the follow-through has been dismal with the pair struggling to find acceptance above 108.40 (engulfing candle's high).

As of writing, the pair is trading at 108.40, having hit a high of 108.56 on Thursday.

Investors are likely awaiting the the result of today's U.S.-Mexico talks on migration and tariffs and the US employment report, scheduled for release at 12:30 GMT today.

Trump has threatened 5% tariffs unless Mexico acts on migrants. The negotiations wrapped up on Thursday evening without an agreement.

While Mexican Foreign Minister Marcelo Ebrard said another round of discussions will take place on Friday, the US Vice President Mike Pence said the Trump administration still plans to impose tariffs on Mexico next week, possibly capping the upside in the USD/JPY pair.

The lingering trade tensions may keep USD/JPY under pressure ahead of the non-farm payrolls report, which is expected to show the US economy added 185k jobs in May. The jobless rate is forecasted to remain 3.6% while the average weekly earnings are expected to have risen 0.3% month-on-month.

An above-forecast wage growth number will likely put s strong bid under the greenback, pushing USD/JPY to the former support-turned-resistance of 109.02 (May 13 low).

Source : Fxstreet

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