USD/JPY to test the 110.00 level once above the 109.70 weekly high

USD/JPY is holding ground ahead of US employment figures. The pair is technically neutral – needs to break above 109.70 to gain bullish strength, according to FXStreet’s Chief Analyst Valeria Bednarik.

See – Nonfarm Payrolls Preview: Forecasts from eight major banks for April jobs report

The US is expected to have added roughly 1 million jobs in April

“Japan published the April Jibun Bank Services PMI, which improved to 49.5 from 48.3 previously, and the Monetary Base for the same month increased by 24.3%.”

“Regarding US employment, the country is expected to have added 978K new jobs in April, while the unemployment rate is foreseen contracting to 5.8% from the current 6%. Employment-related figures released ahead of the event suggest that the headline number could beat forecasts.”

“The USD/JPY pair needs to advance beyond 109.69, the weekly high, to gather bullish strength and extend its rally beyond the 110.00 price zone.”