The USD/JPY has tested the 200-day average twice in as many days and has failed to break above it on both occasions. With resistance around the 148.50-149.00 area holding, could we see a break lower in the coming days?
Well, a lot now depends on data. The ADP private payrolls report has missed the mark at just 54K vs. 73K expected. Shortly, we will get more updates on the jobs market with the release of weekly unemployment claims and the employment component of the ISM Services PMI. Friday’s non-farm payrolls report will be quite important in as far as expectations for the Fed’s future policy is concerned.
What the UJ bears would want to see now is some downside follow-through below Wednesday's inverted hammer candle. So far, we haven't had any downside but if rates turned lower again then that could mark the start of a major shift.
By Fawad Razaqzada, market analyst with FOREX.com
Well, a lot now depends on data. The ADP private payrolls report has missed the mark at just 54K vs. 73K expected. Shortly, we will get more updates on the jobs market with the release of weekly unemployment claims and the employment component of the ISM Services PMI. Friday’s non-farm payrolls report will be quite important in as far as expectations for the Fed’s future policy is concerned.
What the UJ bears would want to see now is some downside follow-through below Wednesday's inverted hammer candle. So far, we haven't had any downside but if rates turned lower again then that could mark the start of a major shift.
By Fawad Razaqzada, market analyst with FOREX.com
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Disclaimer
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.