USD/JPY is Bullish Prior to ADP

As base metals, Asian Equities, CNY, AUD get severely battered by President Trump’s US Trade tariff rhetoric, there has been some USD strength following US Treasury yields rising slowly.  Japanese Government Bond Yields still remain low, and hence Yen weakening remains in play.

The USD/JPY bullishness is clearly defined by the ascending trend line and the MACD. 110.40-50 is the POC zone and we might see bounce from the zone. Above 110.67 targets are 110.82, 111.13 and 111.54. However, if the ADP result comes worse than expected the price might make a U-turn below 110.20 towards 109.74. The trend is bullish and good ADP result should give additional boost to the USD.

• W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
• W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
• W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
• D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
• D L3 – Daily Camarilla Pivot (Daily Support)
• D L4 – Daily H4 Camarilla (Very Strong Daily Support)
• POC – Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

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