Forex Trading: USDJPY Technical Analysis – September 13, 2018

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The US Dollar (USD) inched higher against the Japanese Yen (JPY) on Thursday, increasing the price of USDJPY to more than 111.50 amid some key economic releases. The technical bias remains bullish because of a higher high in the recent upside move.

Technical Analysis

As of this writing, the USDJPY pair is being traded around 111.83. A hurdle may be noticed near 113.92, an immediate trendline resistance area ahead of 114.00, the psychological number and then 114.39, the high of the last major upside rally as demonstrated in the given below daily chart.

On the downside, a support may be seen near 109.26, an immediate trendline support area ahead of 107.97, the 50% fib level and then 107.55, another trendline support level as demonstrated with pink color in the above daily chart. The technical bias shall remain bullish as long as the 107.55 support level is intact.

US Nonfarm Payrolls

Non farm payrolls in the United States increased by 201 thousand in August of 2018, following a downwardly revised 147 thousand in July and above market expectations of 191 thousand. Employment increased in professional and business services, health care, wholesale trade, transportation and warehousing, and mining.

Non Farm Payrolls in the United States averaged 126.88 Thousand from 1939 until 2018, reaching an all time high of 1115 Thousand in September of 1983 and a record low of -834 Thousand in October of 1949.

Trade Idea

Considering the overall technical and fundamental outlook, buying the USDJPY pair near current levels appears to be a good strategy in short to medium term.

 

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