Japanese Yen Technical Analysis into NFP: USD/JPY, EUR/JPY, GBP/JPY. In this video, James Stanley discusses:
USD/JPY has pushed a sizable breakout from the FOMC and BoJ rate decisions yesterday and last night. The pair had built an inverse head and shoulders pattern ahead of the Fed and that has been rectified in a big way. The pair is now nearing overbought territory on the daily chart and it’s already there on the four-hour chart, and that can make chasing the move above 150.00 as a complicated variable.
The NFP report tomorrow represents some opportunity, and the focus there will likely be on the unemployment rate. If that can print above expected, there’s reason for USD and USD/JPY bulls to pull back a bit – and that’s where we can get a read for the larger trend. There’s now support potential at 150.00, 149.51 and 149.19, with a case to be made at 148.65, as well.
EUR/JPY tripped down to below 170.00 last night but it was around the BoJ announcement that the pair put in a strong reversal, and that strength has been playing out ever since. There’s now a couple of spots of support nearby, confluent with Fibonacci levels as taken from the pullback move, that could keep the door open for buyers.
GBP/JPY held up a bit better by relative comparison, and as illustration of that, the pair is already above the Monday high while EUR/JPY has only recovered about 61.8% of the sell-off from Monday into last night’s lows. That said, the 200 handle in GBP/JPY looms large and the pair is already very near that price.
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