USDJPY Eyes 118.40 As Japan’s Unemployment Falls

FXOpen

The US Dollar (USD) paused upside movement against the Japanese Yen (JPY) on Friday with the price of USDJPY hovering around 121.00 following the release of some key economic releases. The technical bias remains bearish due to a Lower Low and Lower High in the recent wave on the daily chart.

Technical Analysis

As of this writing, the pair is being traded around 121.02. A hurdle may be noted around 122.14, the 61.8% fib level ahead of 123.57, the 76.4% fib level and then 124.00, the psychological number as demonstrated in the following daily chart.

On the downside, the pair is expected to find support at 120.98, the 50% fib level ahead of 118.39, the 23.6% fib level and then 116.07, the swing low of the last major downside move. The technical bias will remain bearish as long as the 125.27 resistance area is intact which is the swing high of the last major upside rally.

Japan Unemployment

Japan’s unemployment rate fell unexpectedly last month, official data showed on Thursday. In a report, the Statistics Bureau said that the percentage of the total workforce that is unemployed and actively seeking employment during the previous month fell to a seasonally adjusted 3.3%, from 3.4% in the preceding month. Analysts had expected the rate of unemployment to remain unchanged at 3.4% last month.

Trade Idea

Considering the overall technical and fundamental outlook, buying the pair around 118.40 support area could be a good option if we get a valid bullish reversal candle on a four-hour timeframe around that level.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.