USDJPY AWAITS NFP JOBS REPORT
, after slipping to 109.84 during yesterday's late U.S session. A lack of buying interest above the 110.79 level, saw price rejected to new weekly trading lows.
A key technical break out looks increasingly likely for the USDJPY pair, following the release of the U.S Nonfarm Payrolls jobs report for the month of July.
The USDJPY pair remains strongly bearish on all-time frames, and may target the June 14th price low, at 108.80, on a weaker than expected NFP jobs figure today.
Looking at the USDJPY downside, should price move below the currently weekly low, at 109.81, losses towards the former swing low, at 109.39 become likely. Sellers may even start to target the double bottom in place between 108.81 and 108.13.
Should we see a better than expected NFP jobs report, key technical resistance is found at 110.19, 110.50 and the crucial 110.79 level.
Once above the 110.79 level, major upside resistance is found at 111 and the 200 week moving average, at 111.32.