- USD/JPY rejected support level
- U.S. Employment Data
Price Movement
Since yesterday, USD/JPY moved down by 35pips and moved back up to around the same price level.
Trend
Overall, USD/JPY is trending upwards.
Macro Background
The Average Hourly Earnings measures the change in the price businesses pay for labor (excluding the farming industry). It is expected to perform worse than previous month.
The Non-Farm Employment Change measures the change in the number of employed people during the previous month (excluding farming industry). It is expected to perform worse than previous month.
The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month. It is expected to perform worse than previous month.
Overall, the expectation for this month’s job report is worse than previous month. If the data released tonight (2130 SGT) is worse than expected, we may be seeing a weakening in the U.S. dollar and USD/JPY will fall.
Important Issue
None.
Technical
Yesterday, USD/JPY tested and rejected the support level of 108.734.
Price Levels
Current Price: 108.937
Next Resistance: 109.744
Next Support: 108.734
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