Friday, October 5, 2018

USD/JPY - 05 October 2018


Fundamental Highlights

During today's session traders will be on the lookout for reports coming out of the U.S. which include the Average Hourly Earning data forecasted at 0.3%, the Non-Farm Employment Change forecasted to be 185k, and the Unemployment Rate report which is forecasted to come out at 3.8%. Depending on the way this data prints, the currency pair will either shoot higher (on a positive NFP printing) or look to consolidate a bit lower. As for Japan there's nothing on the calendar in terms of fresh data so the focus will be on the US side of the pair.

Technical Analysis

After the highs reached during Wednesday's session, USD/JPY saw a drop during yesterday's trading hours. Today the pair may move downwards towards the 113.67 level and re-bounce up thereafter in the direction of the 114.03 area. The Dollar/Yen seems to be neutral between the 113.67 and 114.03 levels during Friday's session.

Support: 113.67 113.57
Resistance: 114.03 114.53

Chart (H1)