Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Daily FX View: JPY Lower On Pension Call; GBP Higher

USD/CAD may be topping, at risk from labor market report, while USD/MXN consolidates ahead of Banxico decision.

• USD recovered overnight from yday's declines, major currencies trade narrow ranges before U.S. jobs report, 200k payrolls growth key for markets (vs 185k Bloomberg median)

• JPY weighed by call for Japan pension fund to begin selling JGBs soon
• USD/JPY +0.33% at 102.13, session range 101.64/102.22
• View: Bearish; continues to fade on daily chart with momentum trending lower

• GBP higher on housing data
• Halifax house prices for Nov. 1.1%m/m vs est. 0.8%, prior revised to 1.3% from 0.7%; uptrend since 2012 continues
• USD/GBP +0.16% at 1.6359, session range 1.6319/1.6371
• View: Bearish
• Daily momentum lower as GBP falls from Dec. 2 high
• Potential top on weekly; forming doji after making new high since 2011

• CAD little changed ahead of Canada jobs report due at 8:30am, est. 12k, prior 13.2k, unemployment rate, est. 6.9%, prior 6.9%
• USD/CAD 0.03% at 1.0657, session range 1.0644/1.0667
• View: Topping
• Daily momentum stalling, struggling to hold above 1.0658 2011 high

• MXN consolidating ahead of Banxico rate decision
• Bank expected to hold overnight rate steady at 3.5% after signaling its Oct. 25 cut would be last for foreseeable future
• USD/MXN -0.07% at 13.0812, session range 13.0719/13.1070
• View: Neutral; consolidating below 13.10 in middle of ~12.75-13.35 range in place since Sept.

• NOTE: TJ Marta is an FX strategist who writes for First Word. The observations he makes are his own.