USDJPY Looks To Move Higher Ahead Of NFP

Today is a big day for the markets; it’s the US NFP report which can serve as an important evidence for possible hawkish Fed in September or maybe even raising rates at that event, if figures are strong. Expectations stand at 222k so any number above that figure will likely see a very strong USD against the other major currencies, particularly against the EUR and JPY which will likely be pressured down as stocks could bounce. A number around 200K or lower will send USD down, but we guess it will be only temporary so we would not be surprised by a spike up on EURUSD and sharp turn later in the US session.

Technically speaking, we see the dollar in an uptrend against many currencies, but the one pair that should be tracked very closely today is USDJPY which already shows a corrective move down from 125.00, labeled as wave four, so a new push higher is anticipated. We see room for 125.30, maybe even 125.50 in the sessions ahead. 124.00 is the invalidation level that needs to hold.

USDJPY 1h Elliott Wave Analysis

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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