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USD/JPY NFP Analysis: Bullish Bias Prevailing but Watch the NFP

October 06, 2017 12:05

The USD/JPY has been consolidating within the PPR channel (green) with a slightly bullish bias due to Bullish SHS breaking out of the channel and AP forks pointing up. However the most important event today is the NFP with unemployment data and average hourly earnings. Depending on results, we might see a 2 way price action and higher than usual volatility. Traders should pay attention 112.65 and 113.10. Break below 112.65 should target 112.50, 112.30 and eventually strong L3 support 111.99. Spike above 113.10 should target 113.30, 113.50 and 113.80. Have in mind that price might react around these levels after the initial post report spike so using profit stops could be a good option if your trade is in profit.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

PPR - Progressive Polynomial Channel

AP -Andrew's Pitchfork

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

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