USD/JPY Consolidation Prior to NFP

April 06, 2018 13:42

Source: Admiral Markets MT5 with MT5SE Add-on

The price went exactly as planned after yesterday's analysis. The USD/JPY made a continuation move and currently it is consolidating between 107.15-107.60 (blue area). The NFP with all related data (Average Hourly Earnings, Unemployment rate) should decide where the next move will be. Above 107.58 targets are 107.80 and 108.16. Better than expected results could initiate additional momentum. Strong momentum above 108.16 targets 108.68. However a drop below 106.94 should initiate a sell off towards 106.60 and 106.25. Worse than expected results could provide additional bearish momentum below 106.25 for 106.00 retest. Watch for volatility today and possible 2-way price action.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

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