USD/JPY Hits 24-Year High Beyond The 140, US NFP Release Next.

Key Take-Aways

  • USD/JPY picked up speed and surged past 140.00 to a fresh 24-year high.
  • On the 4-hours chart, a significant bullish trend line is developing with support close to 138.40.
  • The price of gold fell below $1,700, and the GBP/USD fell below 1.1550.
  • In August 2022, the US nonfarm payrolls might rise by 300K, down from 528K.

Technical Analysis of USD/JPY

In relation to the Japanese Yen, the US Dollar began a significant rise over the 138.00 resistance level. Near 138.80, USD/JPY picked up speed and cleared many significant obstacles.

The pair closed above the 138.80 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average, according to the 4-hours chart.

The pair was even pushed above the 139.40 barrier level by the bulls. It traded above 140.00, a fresh 24-year high. The pair appears to be in a significant upswing above the 139.00 area. On the same chart, a significant bullish trend line is also developing, with support located close to 138.40.

If the trend line is broken lower on the downside, the pair may move toward the 137.80 support. The area around 137.00 is the next significant support. Any more losses might necessitate a move towards 136.20.

The pair is encountering resistance near the 140.50 level on the upswing. The 141.20 level is the next significant resistance; if this level is broken, the pair may move higher toward the 142.00 level.

Regarding GBP/USD, the pair experienced a sharp loss after gaining bearish momentum below the 1.1600 mark. Similarly, the bears drive the price of gold below $1,700.

Economic News To Trade Today

  • US nonfarm payrolls for August 2022 are expected to be 300K, down from the previous 528K.
  • Forecasted US unemployment rate for August 2022 is 3.5%, down from the previous 3.5%.
Author:
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.

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