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USD/JPY Stands At A Pivotal Level Before The Jobs Report

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Aayush Jindal

Key Highlights

  • USD/JPY is still struggling to clear the 159.00 resistance zone.
  • A bullish trend line is forming with support at 157.70 on the 4-hour chart.
  • EUR/USD recovered but struggled to surpass the 1.1265 resistance.
  • The US nonfarm payrolls could increase by 65K in Oct 2026.

USD/JPY Technical Analysis

The US Dollar gained bullish momentum for a fresh increase against the Japanese Yen. However, USD/JPY again failed to settle above 159.00.

Looking at the 4-hour chart, the pair faced rejections and saw a bearish reaction. The bulls were active above 157.20 and the pair started trading in a range. It is currently consolidating near the 50% Fib retracement level of the recent drop from the 158.50 swing high to the 157.25 low, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).

If there is a fresh decline, the pair might find support near a bullish trend line at 157.70. The first major support could be 157.25. A close below 157.25 might accelerate the decline. In the stated case, the pair might drop to 156.00.

On the upside, the first major resistance might be 158.20. The main resistance could still be 159.00. A close above 159.00 could start a steady increase. In the stated case, the pair might even surpass 160.00.

Looking at EUR/USD, there was a steady recovery wave, but the pair failed to gain strength for a move above 1.1265 and 1.1280.

Upcoming Key Economic Events:

  • US nonfarm payrolls for Oct 2026 – Forecast 65K, versus 29K previous.
  • US Unemployment Rate for Oct 2026 - Forecast 4.2%, versus 4.2% previous.
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