Forex technical analysis: USDJPY up in a narrow range.

ADP shows job market still advancing

The ADP report continued to show, continued strength in employment with a solid gain of 177K for private employment. That came after their estimate of a 255K gain in March. The BLS private sector guesstimate for private employment last month came in at 89K. So their remains a big gap between the two measures.   Which is right? Will the 89K be revised higher on Friday?  Who knows, but the price action in the USDJPY is giving a little bias to the bullish side since the report.


Technically, looking at the hourly chart, the price moved above a topside wedge trend line yesterday. By the close, the price was trading above and below the line around the 112.00 area.  In the late Asian session, the price started to trade more above the 112.00 level and the trend line.  The low in the London/NY session, moved toward the trend line before the ADP, but moved back higher.  We currently trade at 112.30. The trend line comes in at 112.05.  Buyers remain more in control.  PS another key support level is at 111.81. That is the 50% of the move down from the March 2017 high. 

Is there a key target above that may stall the pair?

Looking at the daily chart, the next targets come in at 112.50 (lows from back in January), then 112.682 (61.8% of the move down from the March high).  A topside trend line cuts across at the 113.00 area (113.02 currently) and the 100 day MA is at 113.286. The trend line and the 100 day MA would be strong resistance, IF the bulls can keep the momentum going.  
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