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USD/JPY Stays Firm as Traders Await US NFP Catalyst

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Aayush Jindal

Key Highlights

  • USD/JPY gained pace for a move above 156.00 and 156.50.
  • A major rising channel is forming with support at 156.75 on the 4-hour chart.
  • EUR/USD remains at risk of more downsides below 1.1600.
  • The US nonfarm payrolls could change by 59K in Feb 2026.

USD/JPY Technical Analysis

The US Dollar remained supported above 155.00 against the Japanese Yen. USD/JPY extended its increase above 156.50 and 157.20.

Looking at the 4-hour chart, the pair settled above 156.50, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair traded as high as 157.97 before there was a minor pullback.

The pair found support at 156.50. There is also a major rising channel forming with support at 156.75. On the upside, the pair is now facing sellers near 158.00.

The first major resistance sits at 158.80. A close above 158.80 could open the doors for more gains. In the stated case, the bulls could aim for a move to 160.00. If there is a fresh pullback, the pair might find bids near 157.20.

The first major area for the bulls might be near the channel support at 156.75. A downside break below the channel could send the pair toward 155.75. The main support sits at 155.00, below which the pair might gain bearish momentum. In the stated case, it could even revisit 152.00 in the coming days.

Looking at EUR/USD, the pair started a fresh decline below 1.1600, and there are chances of more losses in the near term.

Upcoming Key Economic Events:

  • US nonfarm payrolls for Feb 2026 – Forecast 59K, versus 130K previous.
  • US Unemployment Rate for Feb 2026 - Forecast 4.3%, versus 4.3% previous.
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