BluetonaFX - USDJPY Pre-NFP Market Report
Hi Traders!
USDJPY finally reached the psychological 150.000 level this week and is so close to reaching its apex level at 151.946. However, there may be US dollar weakness on the horizon as the US finally ended its streak of consistent positive economic data releases with a worse-than-expected ADP non-farm employment change, which has got traders very nervous about today's NFP announcement.
The market has been in an ascending price channel for the past seven months and has reached a very key level at the 150 level. If the US non-farm is worse than expected, we can expect a big pullback towards the 145 area. This is also due to expected JPY strength because of rumours that the Bank of Japan is intervening in the markets to try and prevent further JPY weakness. If the US non-farm is stronger than expected, we can expect a push back above the strong resistance at 150 and move towards the apex level at 151.946, which will be a record-breaking level. The benchmark NFP number to look out for is 171K; this is the expected number.
We will be back after the announcement to give a post-NFP market update.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
USDJPY finally reached the psychological 150.000 level this week and is so close to reaching its apex level at 151.946. However, there may be US dollar weakness on the horizon as the US finally ended its streak of consistent positive economic data releases with a worse-than-expected ADP non-farm employment change, which has got traders very nervous about today's NFP announcement.
The market has been in an ascending price channel for the past seven months and has reached a very key level at the 150 level. If the US non-farm is worse than expected, we can expect a big pullback towards the 145 area. This is also due to expected JPY strength because of rumours that the Bank of Japan is intervening in the markets to try and prevent further JPY weakness. If the US non-farm is stronger than expected, we can expect a push back above the strong resistance at 150 and move towards the apex level at 151.946, which will be a record-breaking level. The benchmark NFP number to look out for is 171K; this is the expected number.
We will be back after the announcement to give a post-NFP market update.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
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