FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks

The US dollar initially pulled back slightly during the course of the trading session on Thursday but then turned around to show signs of strength as we reached towards the ¥109.50 level yet again. At this point, it looks as if we are trying to go looking towards the ¥110 level. Keep in mind that Friday is the Non-Farm Payroll announcement, and that of course is going to continue to be influential as to where we go. Ultimately, this is a bullish run and we recently bounced from the 50 day EMA as well as the 38.2% Fibonacci retracement level that of course is a very positive sign.

USD/JPY Video 07.05.21

If we can break above the ¥110 level, then it is likely that we go looking towards the ¥111 level, which was the recent high. If we can break there, then we have a much longer term run higher. On the other hand, we could very well go back and forth in this general vicinity and simply grind. All things been equal, I have no interest in shorting this market until we break down below those hammers that caused the bounce in the first place. In general, this is a market that is very strong, but certainly will be waiting to see what the jobs number has to say. I would anticipate quite a bit of volatility during the trading session on Friday, as the market will probably have to readjust its expectations depending on whatever number comes out. There are wide and varied expectations for the figure coming out, so I anticipate more chaos than anything else.

Advertisement
Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For a look at all of today’s economic events, check out our economic calendar.

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker