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The price of USDJPY has reached a resistance zone. Will NFP be the catalyst that drives the price higher or lower?
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USDJPY Analysis
Investors will be keeping an eye on the Non-Farm Payroll (NFP) data tomorrow to see if the data is with the Federal Reserve or not. The Federal Reserve Chairman Powell tried to downplay his comments he made earlier in the week which saw the USD strengthen aggressively. Now the NFP numbers could really impact the direction the market heads in next. Currently the Federal Reserve sees the jobs number greatly affecting the inflation rate, so this data release could solidify the need to hike rates at a faster pace or not.
The last time we spoke about the USDJPY we were looking for the price to find support at the minor demand zone to target the resistance of 137.75. Now this price has been tested we have seen sellers push the price lower. If however, the jobs data comes out above expectations we could see the price trade back through this resistance and the 139.00. This will open the market up to a move to the next resistance at 142.00.
If the jobs data misses expectations lower, then the Fed may reverse its recent comments and rates may continue to rise at a slower pace. This could cause the price to trade lower back to the support zone of 134.50.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- Price found resistance at 137.75 and daily 200 moving average.
- A break of this resistance could give buyers the incentive to move to the resistance of 142.00.
- A miss on the news announcement will see the price trade lower back to the support of 134.50.
Have you watched our GOLD analysis? You can see it here.
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