Buy now at 101.30. Take profit at 103.00. Stop loss at 100.55.
Reason for the trading strategy (technically) :
Price continues to hold above our stop loss level perfectly. We remain bullish above this level.
103.00 is a graphical resistance and fibonacci retracement level.
Stochastics (21,5,3) displays bullish divergence vs price.
RSI (21) has made a bullish exit of its descending support-turned-resistance line signalling a bullish move is approaching.
Reason for the trading strategy (fundamentally) :
USD Non-Farm Payrolls and Unemployment Rate announcements will affect the USD. Historically over the past 5 years, NFP figures have faced a lot of resistance every time it nears the 300k levels. We similarly expect a drop today which is in line with the estimated figure of 180k. We don’t expect the drop to be as strongly as 180k, most likely at 200k which means we expect USD strength from this news release which is in line with the rise we expect on USDJPY.
Reason for the trading strategy (technically) :
Price continues to hold above our stop loss level perfectly. We remain bullish above this level.
103.00 is a graphical resistance and fibonacci retracement level.
Stochastics (21,5,3) displays bullish divergence vs price.
RSI (21) has made a bullish exit of its descending support-turned-resistance line signalling a bullish move is approaching.
Reason for the trading strategy (fundamentally) :
USD Non-Farm Payrolls and Unemployment Rate announcements will affect the USD. Historically over the past 5 years, NFP figures have faced a lot of resistance every time it nears the 300k levels. We similarly expect a drop today which is in line with the estimated figure of 180k. We don’t expect the drop to be as strongly as 180k, most likely at 200k which means we expect USD strength from this news release which is in line with the rise we expect on USDJPY.
Exness - USDJPY remains bullish above our support
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