BluetonaFX - USDJPY Outlook for NFP Announcement

OANDA:USDJPY   U.S. Dollar / Japanese Yen
Hi Traders!

USDJPY is trading with momentum ahead of tomorrow's Non-Farm Payroll (NFP) announcement, and we could see a break above the resistance level at 145.073, especially if the NFP data is strong.

All of our indicators and price action analysis on the 1D chart are showing us that USDJPY is currently bullish. Since we had the break and close above our 20 EMA, the market has continued with strong momentum, and as long as we stay above the 20 EMA, we are likely to continue to the upside. We are now looking for a momentum break above the upper Bollinger band at the 144 level. The market is currently below the upper band, so we must get a break above the band to continue the bullish momentum.

That being said, we must also be wary of the other side. We have pointed out a dragonfly doji on the chart, which, although it has a bullish bias to it, is still an indecision candle. Therefore, it is important to be wary of this, which is why we must get the break above the upper Bollinger band to continue the bullish momentum. Without the break above the upper band, the bullish momentum will likely fade, and the market is likely to pullback towards both the middle band and the 20 EMA.

Please do not forget to like, comment, and follow, as your support greatly helps.

Thank you for your support.



The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.