FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair advance but investors are reluctant to push the pair much higher ahead of the release of US Nonfarm Payroll data next Friday.
Key Quotes:
"The pair holds near its daily highs. The short term picture is clearly bullish, as the 1 hour chart shows that the pair has extended well above its moving averages, but further advances are not yet confirmed, given that the technical indicators have lost their upward strength and turned lower, but well above their mid-lines.
In the 4 hours chart, the technical indicators are also retreating partially from overbought levels, but with the price near its highs and well above its moving averages, the downside will likely remain limited this Thursday."
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