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Mid-Day Report: Dollar Buoyed by Solid NFP Number, Unemployment Dropped to 8.8%Dollar strengthens in early US session after better than expected job market data. Non-farm payroll shows larger than expected expansion by 216k in March while February's figure was revised slightly higher to 194k. Private payroll growth was at 230k in March, on top of 240k in February. It's the first back-to-back above 200k readings since 2006. In addition, unemployment rate dropped from 8.9% to 8.8%, hitting a two year low. Dollar is seen higher against most major currencies today and in particular, strength is impressive against the Japanese yen, which remains weak across the board. USD/JPY is set to take on 84.49 key resistance as the session goes. |
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USD/JPY Mid-Day OutlookDaily Pivots: (S1) 82.71; (P) 82.97; (R1) 83.37; More. USD/JPY's rally extends further in early US session and intraday bias remains on the upside for 84.49 key resistance. Break will indicate medium term reversal and should target 61.8% retracement of 94.97 to 76.40 at 87.87 next. On the downside, below 83.19 minor support will turn bias neutral and bring consolidations. But downside should be contained above 80.50 support and bring another rise. |
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Trade Idea Update: USD/JPY – Buy at 83.75The greenback has jumped after the release of better-than-expected U.S. NFP data, suggesting recent upmove from record low of 76.25 is still in progress and further gain to next resistance at 84.51 would be seen, however, break there is needed to extend headway towards psychological resistance at 85.00 which is likely to hold on first testing. Trade Idea: EUR/JPY – Buy at 116.75As the single currency has continued to move higher after the breach of 116.00 resistance earlier this week, we are keeping our mildly bullish count that the wave ii is still unfolding as ABC-X-ABC and 2nd A leg already exceeded our indicated upside target at 118.36 (38.2% Fibonacci retracement of 139.26 to 105.44) and further gain towards 119.00 is likely, however, reckon 120.00 would hold on from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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