USDJPY profit target reached perfectly, turn bullish

2016-11-04 16:27    Exness

Buy above 102.83. Stop loss at 102.13. Take profit at 104.26.

Reason for the trading strategy (technically):

Price dropped strongly and has bounced above a strong support level at 102.83 (Fibonacci retracement, Fibonacci projection, horizontal support). We expect a rise from here to at least 104.26.

RSI (34) is also on major support at 27%.

Reason for the trading strategy (fundamentally):

The main news event driving USD today is the non-farm payrolls. The 3 main leading indicators for non-farm payrolls are the service sector which reported slower job growth, jobless claims which rose to a 3 month high and the ADP which reported a smaller increase in corporate payroll growth and confidence is down all around. All this point to a weaker non-farm payroll and would lead to the USD weakening. This goes against our bullish USDJPY view so it is important to exercise a lot of caution on this trade.

 

JPY

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