03/06 – USDJPY outlook eyes on 124.80


Technically daily USDJPY outlook eyes on 124.80 level (5:52GMT)

NEWS THAT CAN HAVE AN IMPACT:

  • EUROZONE INTEREST RATE DECISION (12:45 GMT)
  • ECB PRESS CONFERENCE (13:30 GMT)
  • USA ADP NON FARM EMPLOYMENT (13:15 GMT)
  • USA ISM NON MANUFACTURING PMI (15:00)

As written yesterday, “Now eyes on 124.29 because its potential break-out seen yesterday has confirmed this strong bullish setup, especially along with favourable USA rumors and prints.”

Chart 1: Daily USDJPY, USDJPY outlook Chart 1: Daily USDJPY eyes are now on 124.80 (Click on the image to enlarge)

Today is not a day for trading via technical analysis. There are very little chances to find a precise momentum because too many different point of views (very relevant speech, news, speculations about Eurozone and USA interest rates, speculations about Non farm payrolls, etc.) will pile up.

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This is our confirmed merely technical picture on a multiday perspective:

First support: 123.250 (100 fibo expansion, converging trendlines)

Chart 2: H4 USDJPY, USDJPY outlook Chart 2: H4 USDJPY (Click on the image to enlarge)

If breakout then->
->Second support: 122.60 (Weekly trendline break-out)

(3rd support: 122.24 (23.6 fibo level))

(4th support: 121.70 (38.2 fibo level as well))

In case of significantly good data from USA we can see USD/JPY up to 124.80, first, and 125.40, finally.

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