USD/JPY starts out on the backfoot, technicals supporting bearish outlook

Monday, 10 December 2018 08:15 WIB



The US payrolls growth cooled in November with the economy producing 155k jobs in the month. This came in below the expectations at 198k. The detail was mixed; jobs growth in the prior two months was revised down -12k while average hourly earnings grew less than expected (0.2% vs consensus 0.3%). Against that, the annual growth rate for earnings held up at +3.1%, while unemployment held near 40-year lows of 3.7%.

The yen can stay bid on slowing global growth and tariff wars, Brexit, Italy’s budge and as analysts at ANZ point out, now investors have something else to watch and worry about:

The next data event on the list comes with US CPI. "We expect headline CPI to slip to 2.2%, largely on the oil price rout which left gasoline prices down nearly 8% m/m. Beyond the energy weakness, food prices have scope to jump. We also expect a solid 0.2% print on core CPI on a pickup in core services, leaving the y/y rate higher at 2.2%. Strength in the core following prior weakness reinforces an upbeat report," analysts at TD Securities argued.

Support levels: 112.20 111.90 111.60

Resistance levels: 112.80 113.10 113.40

Source : FXstreet




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