2024.07.05 [July 5] Price plunges as support turns to resistance. With employment statistics due out later today, trades should be approached with even more than usual caution.
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Recap of previous trading day (July 4)
Yesterday the USDJPY if anything trended down, hitting a low of 160.94 at around GMT 13:00.
Due in part to the U.S. stock market being on holiday, trading lacked energy.
Recap of the Tokyo market and outlook going forward
Today the USDJPY marked a high of 161.39 before GMT 00:00, but the price then plunged, reaching a low of 160.52 after GMT 3:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on July 5), it can be seen that the 161.28 level that had previously functioned as a line of support has flipped to resistance.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 12:30 U.S. June Nonfarm payrolls (MoM)
- GMT 12:30 U.S. June Unemployment rate
- GMT 12:30 U.S. June Average hourly earnings (MoM)
- GMT 12:30 U.S. June Average hourly earnings (YoY)
Given that employment statistics could result in significant price moves, we recommend that traders take positions with even more than usual care.
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