What to Expect from Tonight NFP? THREE SCENARIOS!
Above shown three different set of arrows (Three Different scenarios )
Scenario 1 (Green Arrows) >WAY better than expected NFP report (Bullish)
Trend line continuation. USDJPY may have a spike and retest before a rejection from the major psychological level of 114.5 before going back down to trend line before retesting again.Breakout will likely to occur.
Scenario 2 (Blue Arrows)> Neutral NFP report
REMEMBER!! MARKET PLAYERS AND TRADERS ALREADY ANTICIPATED A GOOD REPORT. THEREFORE a not so "Neutral" report may be responded with a dovish spike before potentially forming a Head & Shoulder. Neckline is perfectly formed at 50.0 fib retracement.
Scenario 3 (Red Arrows)> Bad NFP report
This will be a perfect disasters for bears. Since MARKET PLAYERS AND TRADERS ALREADY ANTICIPATED A GOOD REPORT, A Bad report will likely tank this pair to the 61.8 Fib Support at 113.3 or even lower. A support turned resistance will either form at the 50.0 fib or 61.8 fib.
Goodluck Fellas!
For my live trades. You could mirror me at cm.pepperstone.com/strategy/66191
Above shown three different set of arrows (Three Different scenarios )
Scenario 1 (Green Arrows) >WAY better than expected NFP report (Bullish)
Trend line continuation. USDJPY may have a spike and retest before a rejection from the major psychological level of 114.5 before going back down to trend line before retesting again.Breakout will likely to occur.
Scenario 2 (Blue Arrows)> Neutral NFP report
REMEMBER!! MARKET PLAYERS AND TRADERS ALREADY ANTICIPATED A GOOD REPORT. THEREFORE a not so "Neutral" report may be responded with a dovish spike before potentially forming a Head & Shoulder. Neckline is perfectly formed at 50.0 fib retracement.
Scenario 3 (Red Arrows)> Bad NFP report
This will be a perfect disasters for bears. Since MARKET PLAYERS AND TRADERS ALREADY ANTICIPATED A GOOD REPORT, A Bad report will likely tank this pair to the 61.8 Fib Support at 113.3 or even lower. A support turned resistance will either form at the 50.0 fib or 61.8 fib.
Goodluck Fellas!
For my live trades. You could mirror me at cm.pepperstone.com/strategy/66191