Time to squint at the charts to see what the prices may do
I've had a look at the charts and here's some levels to watch over the US NFP release
USDJPY
- UP - We've got some room to roam up here if 125 gets taken out and the next resistance of note comes from 2002 and the Jun/Oct/Dec highs. The Oct high was 125.67, Dec 125.75 & Jun 125.94. After that it's a big gap until the 1986 trend line which goes through the 1990 and 1998 highs, and comes in at 128.50. The price here is sitting just below the underside of a support line from 1995 through 2005 at 125.13 but we're too close for it to stand up to a move higher. It may well become support though if we do move through so keep this number in mind when looking for support after any pop
- Down - 124.40 is looking like decent support followed by 123.90 (55h4 ma)/124.00 and then stronger at 123.75/80, then 123.55/60
EURUSD
- Up - 1.1280 is nearby resistance, followed by 1.1320, stronger res lies at 1.1375/80
- Down - 1.1175/80 is probably too close to act as support so look for any flush to start running into trouble around 1.1115/30. We have an old S&R level there as well as the 100 and 200 H4ma's lurking too. From there it's 1.1070/75 and then the old 1.1040/50 level, but that's probably too far away for today
Here also is the market reaction in USDJPY to the last 5 reports over a 5 minute period
Bloomberg market impact of NFP in USDJPY
It highlights the type of moves we may get based on the difference between what's expected and what is released
We're around 15 minutes from the data and I wish you good fortune if you're trading it
