USD/JPY Trading Levels Before NFP
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-While the rally from 10/8 is promising, the 10/17 outside day reversal warrants caution.
-A flat may be nearing completion, in which case the market is vulnerable to a drop below 97.50. 97.20 and 96.85 are estimated supports. 98.44 and 98.58 are estimated resistance.
Trading Strategy: If anything, then look to fade an NFP move into either 98.44/58 (sell) or 96.85 (buy).
LEVELS: 96.85 97.24 97.54 | 98.24 98.58 98.77
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.