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Instrument: USDJPY
Bullish Preference:
A buy position is envisaged if the price trades above 142.750 with take profit at 142.851.
Bearish Preference:
A sell position is envisaged if the price trades below 142.484 with take profit at 142.360.
Fundamentals:
1:30pm USD Non-Farm Employment Change
1:30pm USD Unemployment Rate
Comment:
The U.S. Bureau of Labor Statistics will release its July nonfarm payrolls (NFP) report Friday morning. Based on Wall Street surveys, a notable 200,000 workers were hired last month at the national level, following the addition of 209,000 jobs in June. In this context, the unemployment rate is projected to remain unchanged at an impressive low of 3.6%, reaffirming the prevailing tightness in the labor market. After Thursday’s pullback, USD/JPY appears to be approaching technical support at 142.40. If this floor is breached, sellers could become emboldened to initiate an assault on 141.00. On the flip side, if buyers regain control of the market and trigger a turnaround, initial resistance is located at 143.90, followed by 145.14. In the event of a bullish breakout, upward momentum could gather pace, paving the way for an advance toward 148.85.
Analysis: SCRUM Team
