Friday, November 2, 2018

USD/JPY - 02 November 2018

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Fundamental Highlights

The Dollar/Yen gains as US indices and US treasury yields rise. The correlation between US indices and the Dollar/Yen pair returned and the pair was able to rise following optimism from US equity investors. Sentiment in the market turned bullish mainly due to positive Brexit dialogue and easing trade tensions between the US and China. For today, traders will set their eyes on the key US NFP report which will drive the pair from the US Dollar’s side.

Technical Analysis

The pair continues to range between the three major moving averages probably in anticipation of some major news that will dictate the direction of the pair going forward. Today's NFP report may be the news USD/JPY have been waiting for to start having a directional bias towards the pair. A positive NFP report will likely strengthen the US Dollar and drive the pair higher, while a negative NFP report will weaken the US Dollar and drive the pair lower. A push higher will be confirmed by a break of the 113.08 resistance exposing the 113.78 resistance. A push lower will be confirmed by a break below the 112.72 support exposing the 112.16 support.

Support: 112.72 / 112.16
Resistance: 113.08 / 113.78

Chart (H4)
USDJPY

 
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