The USDJPY had a bearish momentum yesterday bottomed at 120.15. The bias remains bearish in nearest term testing 119.50 as a part of the false breakout (above 121.30)bearish scenario. Immediate resistance is seen around 120.55. A clear break above that area could lead price to neutral zone in nearest term retesting 121.30 key resistance which remains a good place to sell with a tight stop loss. Fundamental focus will be on the FOMC statement which expected to be a market catalyst
The USDJPY failed to continue its bearish momentum yesterday topped at 121.24 but traded lower earlier today hit 120.57. The bias is bullish in nearest term testing 121.30 key resistance which remains a good place to sell with a tight stop loss. Immediate support is seen around 120.50. A clear break below that area could lead price to neutral zone in nearest term testing 120.00 area. My major technical outlook remains neutral as price is still trapped inside the range area of 121.30 – 118.50 .
The USDJPY had a moderate bullish momentum yesterday and hit 120.83 earlier today. The bias is neutral in nearest term. Immediate support is seen around 120.00. A clear break below that area could trigger further bearish pressure testing 119.50 region. Key resistance remains around 121.30/48 which remains a good place to sell with a tight stop loss.
USD/JPY - ......... The greenback rose from Asian low at 121.39 to intra-day high at 122.01 at New York open, however, price pared its gains and retreated to 121.52 at New York midday, weighed down by the release of mildly downbeat U.S. jobless claims. Later, dlr staged a rebound to 121.80 in New York afternoon before retreating again and remaining under pressure at Tokyo open.
Market focus is now solely on the release of U.S. jobs report. Street forecast of non-farm payroll is for an increase to 180K from previous reading of 142K whilst unemployment rate is expected to remain unchanged at 5.1%. An upbeat employment report would further boost the case of a December rate hike n send the dlr higher.
Bids are now seen at 121.40/50 and more below at 121.10/20 with stops building up below there whilst initial offers are noted at 122.10/20, suggesting choppy trading would be seen ahead of the jobs report release.
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