FX:USDJPY U.S. Dollar/Japanese Yen
USD/JPY has formed a head and shoulder pattern on the 1H and 4H charts, indicating that a top has been made and price will carry on its retrace from the last week of gains. Traders should wait for a breakout of the as price tested for support 02/09 12:00 (GMT+1)
We have a above price and a from 102.37 -101.72. Expect some choppy movements through the and possible break through to the 1D 99.67.
USD - Chances for September rate hike are getting lower as Fridays NFP was below expectations. Last weeks USD data was a wash with negative and flat data and I don't think this week will be any different.
Thursday - JPY GDP (Q2) data and various others, Positive data and strong yen (currently) will play a huge factor in a move.
Comment: We are on, Weak USD ISM data was the ignition