NFP analysis for the first Friday of the month! The expectation is for an increase of 295K with last month released at 528K (The previous month's forecast was 250K). And relatively unchanged in terms of the unemployment rate and average hourly earnings. If the data is released better than expected, the USD should strengthen.
Is the USDJPY likely to continue climbing higher?
Or is it set up for a strong reversal?
Typically strong US NFP employment data is would result in a strengthening of the DXY and for the USDJPY to climb higher.
The USDJPY could climb towards the 142 resistance area before possibly staging a strong reversal, as the Stochastic look to turn out of the overbought area.
On the reversal, the first target level would be the 139.40 support level.
Is the USDJPY likely to continue climbing higher?
Or is it set up for a strong reversal?
Typically strong US NFP employment data is would result in a strengthening of the DXY and for the USDJPY to climb higher.
The USDJPY could climb towards the 142 resistance area before possibly staging a strong reversal, as the Stochastic look to turn out of the overbought area.
On the reversal, the first target level would be the 139.40 support level.
