USD/JPY Moves Higher

The USD/JPY pair is now trading to the upside as a continuation of the upward move that started a in the end of March. The exchange rate is now above the 50SMA and just took over the 100-day SMA. The next and most significant moving average is the 200-day which should come around 110.20.

If that level is taken out, bulls will have their clear target defined at 111.80-112.10. With the upcoming US Jobs data and NFP report we could see a sharp move to the upside provided the data is positive for the US economy.

Traders and investors might consolidate prior to the news release on Friday and volatility could return in the hours preceding the release as well as post-report.

Chart: USD/JPY D1