US Job report data was not good as expected and USDJPYdropped but current hold above 102.3 after testing this level, 102.00 – 103.30 zone is a strong support zone as we noted before. US Job report data provide more evidence that FED will not hike the rate soon. Although US economy is getting better, their labor market need to improve more and stable before FED think about rate hike.
While US GDP is bullish for US dollar, US Non-farm payroll report data is bearish for USD.
Currently, USDJPY is trading around 102.6 and it need to break 103.00 to move faster. However, we dont think that it is easy to break 103.00 resistant zone since the bullish momentum is not high enough.
Forex Trading Signals:
We will watch for price action to go short with USDJPY around 102.30 today. For those who went long with USDJPY at 102.30 may consider to take profit when USDJPY approach 103.00.
-102.00 – 102.350