The USD/JPY is neutral prior to the NFP. Today’s NFP should spark volatility in markets.
Average Hourly Earnings m/m, Non-Farm Employment Change and Unemployment Rate are released the same time. USD/JPY price action will depend on the data, not just the NFP but also wages and unemployment rate. Any deviation from the forecast might spark both bullish and bearish price action. Above 107.60 the market is bullish targeting 108.80. Below 106.70 the target is 106.08. 4h close above/below is needed to validate continuation levels. Due to the nature of NFP data and Friday, watch for two-way price action.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX