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USD/JPY Bullish ZigZag Prior to NFP Release

October 05, 2018 09:30

USDJPY Chart - Technical Analysis

Source: USD/JPY Admiral Markets MT5 with MT5SE Add-on - Accessed: 05.10.2018 02:20 AM

USDJPY Chart - Technical Analysis

Source: USD/JPY Admiral Markets MT5 with MT5SE Add-on - Accessed: 05.10.2018 02:20 AM

The USD/JPY currency pair has formed a zig-zag close to the PP point support after spiking from an emerging inverted head and shoulders pattern. The market is waiting for the NFP data along with the Average Hourly Earnings and Unemployment rate. NFP is very important for the USD, as job creation is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. Don't forget to follow our Forex calendar for all regular updates on the news, economic announcements, forecasts and much more.

Technically, the USD/JPY currency pair formed a zig-zag pattern that is bullish in its shape, and the rejections from the 113.60-90 POC zone might push the pair towards 114.50, and eventually 114.95 and 115.40. A close below 113.50 will probably fuel the bears with enough momentum to push towards 112.60. During the NFP release, significant volatility should be expected. Always pay attention to price action before you start making new entries. Consolidation usually precedes breakouts.

Pivot Lines - Weekly Support and Resistance

POC - POC - Point Of Confluence (The zone where we expect the price to react - aka the entry zone)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

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