USD/JPY Will Likely Began A New Increase Above 146.00

Key Take-Aways

  • Above the 144.50 resistance, USD/JPY began to rise once more.
  • On the 4-hours chart, it broke through a crucial descending channel with resistance close to 144.80.
  • After failing to overcome the 1.0000 barrier, the EUR/USD began a new fall.
  • In September 2022, US nonfarm payrolls might rise by 250K, down from 315K.

On the 4-hours chart, the pair was able to overcome the resistance levels of 143.20 and 144.00. The negative movement from the 145.90 swing high to the 140.33 low was clearly above the 50% Fib retracement line.

Additionally, a crucial descending channel with resistance near 144.80 on the same chart saw a break above it. Currently, the pair is trading above both the 100 simple moving average and the 144.50 resistance.

The 145.40 level is close to an imminent resistance. Near the 146.00 level comes the next significant obstacle. The pair may go toward the 147.50 level if there is a decisive rise above the 146.00 level.

The next significant obstacle might be close to the 148.00 level. An initial support for the downside is located close to the 144.20 level. The 143.50 level serves as the primary support. The pair may move toward the 142.50 level if the downside breaks below the 143.50 area.

The pair might potentially test the 140.00 support region below the next significant support, which is located close to the 141.20 level.

With regard to EUR/USD, the pair was unable to overcome the crucial 1.0000 resistance region before beginning a downward decline.

Economic News To Trade

  • US nonfarm payrolls for September 2022 are expected to be 250K, down from 315K previously.
  • Forecast US Unemployment Rate for September 2022: 6.8%, down from 7.0% in the past.
  • Payrolls in Canada are expected to change by 20K in September 2022, compared to -39.7K in the previous month.

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.