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USD/JPY NFP Analysis: Watch for Rejection or Breakout

February 02, 2018 11:21

Source: Admiral Markets MT5

Today's NFP should move the USD/JPY if the NFP data deviates from the forecast numbers. The NFP is expected to show the 180k increase compared to 148k while unemployment is expected to stay low at 4.1 %. Any significant deviation from these numbers should spike the USD/JPY. 110.25-50 zone is active resistance. Traders should watch the POC zone for possible breakout or rejection. Any rejection that happens could retest 109.80 and 109.40 while the breakout above 110.50 could target 111.15 and eventually 111.57. However, a breakout below 109.15 - X cross of trend line and camarilla weekly pivot could tank the pair down to 108.90 and 108.35. Watch for these levels if the price gets volatile.

W H1 -. Weekly Camarilla Pivot (Interim resistance - Weak)

W H2 - Weekly Camarilla Pivot (Weekly resistance)

W H3 - Weekly Camarilla Pivot (Weekly resistance - main)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

W L4 - Weekly Camarilla Pivot (Interim support - Strong)

W L3 – Weekly Camarilla Pivot (Interim support - Main)

W L2 – Weekly Camarilla Pivot (Interim support)

W L1 - Weekly Camarilla Pivot (Interim support - Weak)

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

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