Japanese yen traded on lower levels against US dollar on Friday, ignoring positive Leading and Coincident index data, as sentiment was dominated by expectations of the vital US employment report.
USD/JPY reached a session high and highest point since July 3rd at 100.39 at 6:07 GMT, after which consolidation followed at 100.28. Support was expected at July 3rd low, 99.26, while resistance was to be encountered at May 31st high, 101.28.
Earlier on Friday a report announced that Japanese Leading index showed a reading of 110.5 in May, advancing from 107.7 during the previous month, which result was a revision up from 99.0. This indicator usually comes out several months ahead of the so called Coincident Index, in order predictions, regarding economy, to be made. In addition, Japanese Coincident Index showed a value of 105.9 in May, up from 105.1 in the previous month.
Market players began focusing on the US non-farm payrolls report due on Friday, in search for clues about the future of FED’s stimulus policy. A report on Wednesday showed that the private sector in the United States added 188 000 job positions in June, more than the expected increase by 160 000.
Japanese yen traded lower against the euro as well, with EUR/JPY cross advancing 0.12% to reach 129.32. Yesterday the European Central Bank left its base interest rate on hold at 0.50%, in line with preliminary estimates. Additionally, later on Friday the Factory Orders indicator from Germany was scheduled for release.
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