USD/JPY – attempting rebound from confluence of Fibo support

USD/JPY pair is attempting a rebound from the confluence of Fibo support seen in the range of 110.68 (23.6% of Brexit drop) – 100.71 (50% of 2011 low – 2015 high) after Japan posted a smaller current account surplus in May.

Eyes non-farm payrolls report

The pair awaits US non-farm payrolls report due in the US session. Dollar bulls would love to see the payrolls figure blow past consensus estimate of 180K. Meanwhile, the fate of US dollar also depends on wage growth numbers and unemployment rate.

USD/JPY pair has been on a four day losing streak on the back of the flight to safety in the post Brexit world. The pair currently trades around 100.85.

USD/JPY Technical Levels

The immediate hurdle is seen at 101 (zero figure), above which prices could test 101.43 (5-DMA). A violation there would expose 101.85 (38.2% of 106.81 – 98.79). On the lower side, major support is seen at 110.68 (23.6% of Brexit drop) – 100.71 (50% of 2011 low – 2015 high). A cut through the same would expose 100 (zero figure), under which support at 98.79 (Brexit low).