USD/JPY: levels to trade
Trade ideas
BUY 107.25; TP1 107.50; TP2 107.80; SL 107.10
SELL 106.70; TP 106.30; SL 106.90
The USD is going to be volatile on Friday, September 6, as America will release Nonfarm Payrolls data at 15:30 MT time. USD/JPY is a currency pair that traditionally reacts strongly to this release. The pair is now consolidating ahead of the news. On the upside, it ran into the resistance of the declining 50-day MA in the 107.15 area after initially spiking to 107.23 yesterday. As a result, we need to see an advance above 107.25 on strong NFP to trigger buy trades. In this case, the targets will be at 107.50 and 107.80. All in all, the bullish scenario seems more likely than the bearish one as USD/JPY closed at the highest level since the beginning of August on Thursday. At the same time, the decline below 106.70 (200-period MA on H4) will renounce the upside and make the pair slide to 106.25.
