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Hardy: Where next for the US dollar?

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May 05, 2014 bank, bank of england, boe, business, central, dollar, dollar direction, dollar yen, ecb, ecb meeting, euro, euro dollar, european, eurusd, fed, finance, fomc, foreign exchange, forex, fx, fx strategy, greenback, hardy, ichimoku, ichimoku cloud, japan, jobs, john hardy, jpy, news, nfp, nfps, non farm payrolls, resistance, saxo, saxo bank, saxo tv, taper, tradingfloor.com, us dollar, us jobs, usd, usdjpy, video, yellen
The US dollar remains subdued after Friday's nonfarm payroll data which beat expectations as far as US job creation's concerned. However, big worries remain over the declining participation rate and a flat average earnings reading.  Saxo Bank's Head of FX Strategy, John Hardy, considers what we might expect this week.
He says USDJPY is the one to watch. The pair found resistance as it was trying to poke through local highs and the Ichimoku daily cloud level. He says the 200-day moving average is also creeping higher.
EURUSD could also be a key cross to watch this week. The European Central Bank meets on Thursday and without any major policy announcements, the pair could move higher.