USD/JPY Short Opportunity Ahead Of NFP

USD/JPY has formed a bearish pin bar candle from its resistance trendline zone, indicating the USD?JPY may drop.

Several times USD/JPY tried to break below the trendline support, it couldn't. JPY is a safe-haven currency. Usually, it was supposed to be a strong JPY. However, that didn't happen during Covid and Russia-Ukraine issues.

It was not supposed to be the weaker JPY during the crisis. But it mainly happens for the bank of japan's decision.

They intervene in the JPY and make it weak to support their economy. But if the crisis stays a long time, BOJ may be able to weaken JPY for a long time. So, I think it is the best time to buy JPY for the future.

If today's NFP print is positive, USD/JPY may rise slightly, but it won't last long. From its immediate resistance level, I hope USD/JPY will drop nearly to its trendline support zone.

Though I am not expecting that the USD/JPY will break below the trendline support today, it has a chance if the NFP prints super negative.

And if the Russia-Ukraine conflicts rise more hopefully, next week USD?JPY will break below the trendline support, at least USD?JPY won't go above 117.00 as long as the crisis exists.

Based on all the factors, I remain selling on USD/JPY.

Comment:

WE have updated our Gold weekly Forecast: From 7th March To 12th March 2022