USDJPY Teeters on 115.10 Following NFP - Bearish Pin Bar
However, with the 115.10 handle still intact, I decided to remain on the sideline. I also didn’t want to enter in front of yesterday's non-farm payroll report.
The 115.10 area has served as a pivot since January 6th. It’s also the 50% retracement from the December 2016 high to the current 2017 low.
So far, the reaction from yesterday’s events is mixed, and the jury is still out. The moments following the NFP report and average hourly earnings, market participants seemed to favor the U.S. dollar. But those gains were short-lived.
As is the case with any high-impact event such as NFP, momentum can shift in a matter of minutes. This is one reason I urge caution to those who like to trade market-moving events like these. In fact, the best course of action is to take no action until the dust settles.
Bearish pin bar from the zone 115.10, that was forming yesterday, can may pust a price lower to test a trend line at price 114.20.
Check the upside technical analysis.
Performed by analytical expert: Urban Stamcar
The 115.10 area has served as a pivot since January 6th. It’s also the 50% retracement from the December 2016 high to the current 2017 low.
So far, the reaction from yesterday’s events is mixed, and the jury is still out. The moments following the NFP report and average hourly earnings, market participants seemed to favor the U.S. dollar. But those gains were short-lived.
As is the case with any high-impact event such as NFP, momentum can shift in a matter of minutes. This is one reason I urge caution to those who like to trade market-moving events like these. In fact, the best course of action is to take no action until the dust settles.
Bearish pin bar from the zone 115.10, that was forming yesterday, can may pust a price lower to test a trend line at price 114.20.
Check the upside technical analysis.
Performed by analytical expert: Urban Stamcar