​NFP Analysis: USD/JPY is Setting Up for Inverted Head and Shoulders

August 03, 2018 23:03

Source: Admiral Markets MT5 with MT5SE Add-on

The NFP with all accompanying data (Average Hourly Earnings and Unemployment Rate) will determine the next move on the USD/JPY, popular "Ninja". A this point we can see that the pair has been bought on dips but the negative result might tunrn the tables. 111.40-50 is the POC zone for buyers and the rejection from the zone will make a Bullish SHS pattern (inverted head and shoulders). However a drop below 111.20 will be a bearish sign with the pair targeting 110.75 and 110.40 below.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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