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What are the key technical levels in play for USDJPY through the US jobs report

October 5, 2023 by admin 0 Comments

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Tomorrow the key US jobs report will be released at 8:30 AM. For a preview, see Adam’s post HERE.

Depending on how that report comes out will likely lead to a move in rates. A stronger report will send US rates higher, while a weaker report will send the US rates lower. The USDJPY traditionally falls along with the moves in rates.

Higher rates = higher USDJPY.
Lower rates = lower USDJPY

In this video, I take a look at the key technical levels on the top and bottom side for the pair. I use the 50% midpoint of the move up from the September 21 low at 148.73 as a proxy for bullish or bearish. Move above the 50% retracement level, and the bias moves more to the upside. Stay below the 50% retracement, and the bias remains negative.

This article was originally published by Forexlive.com. Read the original article here.