Friday, September 7, 2018

USD/JPY - 07 September 2018

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Fundamental Highlights

With no news coming out of Japan today, Dollar/Yen’s movement will be highly correlated to the results of the U.S. reports coming out later this Friday. We have three main reports being released today which: the Average Hourly Earnings report, Non-Farm Employment Change report, and Unemployment Rate report. If the data comes out different than what is forecast (higher or lower) then the dollar will definitely have a strong movement with respect to that. In addition to the U.S. reports, trade wars between the U.S. and China remain in focus with traders awaiting the fresh tariffs. Moreover, talks on the North American Free Trade Agreement between the U.S. and Canada remain in focus.

Technical Analysis

After a strong bearish move for the pair in yesterday's session, USD/JPY may reverse and move in a bullish manner in the direction of the 110.90 area. After that, the pair may continue onwards towards the 111.18 figure or return back to the 110.49 resistance depending on the results of the reports coming out later today.

Support: 110.49 110.16
Resistance: 110.90 111.18

Chart (H1)
USDJPY

 
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