Hi Traders, Here are four scenarios I expect for USDJPY reacting to Oct NFP data later today:
1. NFP beats expectation by 50k+ jobs - USDJPY is going to run skyhigh with ample of follow through with
Dec rate hike expectation rise. not likely though
2. NFP/unemployment rate/rate change are just slightly better than expected - USDJPY pop and drop,
122.50-12.2.70 could be resistence (this is the most likely case IMO)
3. weaker than expected in general - USDJPY will chop sideways as market will not expect a large drop in
Dec rate hike.
4. much weaker than expected - USDJPY a definite sell if this is the case.
In general, I'm looking to short USDJPY sooner or later.
Good Luck!
1. NFP beats expectation by 50k+ jobs - USDJPY is going to run skyhigh with ample of follow through with
Dec rate hike expectation rise. not likely though
2. NFP/unemployment rate/rate change are just slightly better than expected - USDJPY pop and drop,
122.50-12.2.70 could be resistence (this is the most likely case IMO)
3. weaker than expected in general - USDJPY will chop sideways as market will not expect a large drop in
Dec rate hike.
4. much weaker than expected - USDJPY a definite sell if this is the case.
In general, I'm looking to short USDJPY sooner or later.
Good Luck!
Trade active:
entered at 122.50, stop at 123.50
