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USDJPY Forecast and Technical Analysis: NFP Effect

USDJPY Forecast and Technical Analysis: NFP Effect

I tried to summarize USD fundamentals in my EURUSD Forecast: 

After Friday’s Non-Farm Payrolls Reports, USD Bulls regain the control. On the other side, the unemployment rate increased and most importantly wage growth held steady at 0.2% instead of rising to 0.3% like economists anticipated.

Powell is due to testify before the Congress, while the central bank will release the Minutes of its latest meeting. The focus will now shift to incremental updates on the trade front and a plethora of Fed speak and the Minutes to last month’s decision. US inflation data will be released but other indications do not point for a significant surprise rise.

Yen is getting demand as a safe haven lately. However, optimism and/or a delay on US tariffs may ease the demand to safe-haven assets near term.

Technically:

Anka ended the week at 108.547.

Since the pair is trading below SMA200, SM100 and EMA50 daily chart, we can not talk about a medium-term trend reversal.

However, USDJPY is testing the SMA200 H4 chart and a firm closing above 108.600 may accelerate the bullish move. RSI and H4 Ichimoku readings confirm the near term bullish move.

Intraday Key Levels:

Downside: 108.250 108.000 107.800

Upside: 108.600 108.800 108.980

Potential pullbacks towards 108.000 can be used as buying opportunities.

Medium Term Trend Change: Closing above 109.400.

An inverse head and shoulders pattern is almost completed. The details of the pattern can be found: USDJPY Inverse Head and Shoulders Pattern

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

USDJPY: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

 

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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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