USD/JPY: how to trade after NFP
Trade ideas
BUY 113.00; TP 113.60; SL 112.80
SELL 112.60; TP 112.20; SL 112.75
SELL 112.00; TP 111.45; SL 112.20
As the market is waiting for the release of the American Nonfarm Payrolls (NFP), let’s pick a currency pair that will definitely show a big reaction to this event. This pair is USD/JPY.
Technically it remains in an uptrend as long as it’s trading above 112.20 (100-day MA, 23.6% Fibo). At the same time, upside momentum of this trend has clearly declined. If the US figures disappoint, it will be easy for USD/JPY to break down. At the same time, as long as support stands, the pair may return to the resistance if the economic data are good.
On H4, there’s a short-term downtrend resistance line that currently limits the buyers. The market is likely to make its move after 15:30 MT time.
