By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The NFP with all accompanying data (Average Hourly Earnings and Unemployment Rate) will determine the next move on the USD/JPY, popular “Ninja”. A this point we can see that the pair has been bought on dips but the negative result might tunrn the tables. 111.40-50 is the POC zone for buyers and the rejection from the zone will make a Bullish SHS pattern (inverted head and shoulders). However a drop below 111.20 will be a bearish sign with the pair targeting 110.75 and 110.40 below.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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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)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: NFP Analysis: USD/JPY is Setting Up for Inverted Head and Shoulders
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