- Above the 135.00 support, USD/JPY is stabilizing.
- A break above 136.50 can lead to further gains.
- EUR/USD kept falling and traded under 1.0250.
- In June 2022, US non-farm payrolls might rise by 268K, down from 390K previous.
Technical Analysis of USD/JPY
From the 137.00 high against the Japanese Yen, the US dollar began a downward reversal. However, the bulls were active near 135.00 as USD/JPY moved below the 136.50 support level.
The pair traded as low as 134.74 on the 4-hour chart, but it was still well bid close to the 100 simple moving average (red, 4-hours). It is also significantly higher than the 200 simple moving average (green, 4 hours).
Now, the pair is regaining its momentum well above the 135.00 support. On the same chart, a significant bullish trend line with support close to 135.20 is also developing.
The pair is running into resistance in the 136.50 area on the upside. The price may climb toward 137.00 if there is a clear move above the 136.50 mark. Any further advances might potentially pave the way for a new multi-year high and send the price soaring toward 138.50.
If otherwise, the USD/JPY exchange rate could decline and revisit 135.00. Near the 134.50 level is where the main support is located. The pair may drop much more if the downside broke through the 134.50 support level. Below the 133.20 area, where the next significant support is located, the bears may target 130.00.
Regarding EUR/USD, the pair continued to slide downward and traded under the crucial 1.0250 support. The pair might fall to 1.0100 if the bears continue to trade.
Economic Reports to Trade Today
- US nonfarm payrolls for June 2022 are expected to be 268K, down from 390K previous.
- US unemployment rate for June 2022 is expected to be 3.6% versus 3.6% Previous.
- Payroll changes in Canada for June 2022 is predicted to be 22.5K, down from 39.8K previous.
- The forecasted unemployment rate for Canada in June 2022 is 5.1% Versus 5.1% previous.
Author: Amogo Solomon
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