USD/JPY Expected to Trade Rangebound Ahead of US Employment Report
The foreign exchange market is expected to be directionless in USD/JPY trading on October 1, as month-start and quarter-start flows collide with caution ahead of key U.S. economic indicators.
Takuya Kanda, senior FX analyst at Gaitame.com Research Institute, noted that the pair rose approximately 0.1% on a closing basis the previous day, dipping to around 156.38 yen in Tokyo trading before rebounding to around 157.54 yen in late New York trading.
The prevailing view among market participants is that USD/JPY will need clarity from the U.S. employment report due on October 2 before establishing a clear directional bias.