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Possible USD/JPY trades into NFP

FX:USDJPY   U.S. Dollar/Japanese Yen
306 0 10
US ISM manufacturing activity index fell to 49.9 in August from 52.6 in July, in stark contrast to the recent fed speak ahead of the FOMC this month.

USD/JPY             is attempting a minor recovery from early Asian session lows of 103.13, currently trading around 103.36.

The Japanese Yen             coming under pressure in the Asian session as the JGB sell-off and the resulting rise in the bond yield weighed.

All eyes now on the crucial non-farm payrolls data ahead of the FOMC meeting later in the month. NFP consensus - 180K, Prior - 255K.

Major trend for USD/JPY             is definitely weaker. Only a positive surprise from NFP today could take the pair higher.

Technical Studies:

Supporting downside - Possible shooting star formation, Stochs at overbought, MACD below zero, weak major trend, capped below 55&110 EMAs.

Supporting upside - Strength in RSI at 58, no rollover from o/b zone in Stochs seen, MACD is biased higher.

Major resistance levels - 104.45 (61.8% Fib & trendline), 105, 105.80 (110-EMA).

Major support levels - 103, 102.97 (5-DMA), 102.58 (38.2% Fib).

Trade ideas:

Go long on upbeat data, target 104.45/ 105/ 105.80.

On the flipside, short USD/JPY             on NFP data miss, target 102.58/ 102/ 101.41/ 101
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