#USDJPY Could Correct Lower,#US #Nonfarm Payrolls Next (6 OCT 2023)
Key Highlights
- USD/JPY struggled above 150.00 and reacted to the downside.
- It traded below a key bullish trend line with support at 149.00 on the 4-hour chart.
- Gold prices are accelerating lower and might drop toward the $1,780 support.
- The US nonfarm payrolls could increase by 170K in Sep 2023, down from 187K.
USD/JPY Technical Analysis
The US Dollar rallied above the 148.00 resistance zone against the Japanese Yen. USD/JPY even broke the 149.50 and 149.80 levels before the bears appeared.
Looking at the 4-hour chart, the pair struggled above 150.00 and reacted to the downside. A high was formed near 150.16 before the pair declined. There was a move below a key bullish trend line with support at 149.00.
The pair flash crashed toward the 147.25 level before recovering to 149.00, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).
However, the pair is struggling to clear the 149.00 resistance. A close above 149.00 could start a steady increase. In the stated case, USD/JPY might rise and recover toward the 150.00 resistance zone.
Immediate support is near the 148.35 level. The next key support is seen near the 148.00 level, below which it could test 147.40 and the 200 simple moving average (green, 4 hours). Any more losses might send the pair toward the 146.60 level.
Looking at gold, the bears remained in control, and they seemed to be aiming for a move toward the $1,780 support zone.
Economic Releases
- US nonfarm payrolls for Sep 2023
- US Unemployment Rate for Sep 2023
- Canada’s Employment Change for Sep 2023
- Canada’s Unemployment Rate for Sep 2023
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