Tomorrow the key US jobs report will be released at 8:30 AM. For a preview, see Adam’s post HERE.
Depending on how that report comes out will likely lead to a move in rates. A stronger report will send US rates higher, while a weaker report will send the US rates lower. The USDJPY traditionally falls along with the moves in rates.
- Higher rates = higher USDJPY.
- Lower rates = lower USDJPY
In this video, I take a look at the key technical levels on the top and bottom side for the pair. I use the 50% midpoint of the move up from the September 21 low at 148.73 as a proxy for bullish or bearish. Move above the 50% retracement level, and the bias moves more to the upside. Stay below the 50% retracement, and the bias remains negative.
This article was written by Greg Michalowski at www.forexlive.com. Source