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.”
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.
This is our confirmed merely technical picture on a multiday perspective:
First support: 123.250 (100 fibo expansion, converging trendlines)
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.