The USDJPY pair extended the previous session’s spectacular gains on the last trading day of the week ahead of US Non-Farm Payroll data. The pair opened near the higher levels and consolidated gains in the early Asian session.
Now, USDJPY is trading at 111.58, up 0.04% so far.
USD/JPY bulls keep their eye on March 2020 high at 111.71 on the optimism fueled by the formation of two large white candles in the previous two sessions.
The pair is looking for a new balance and no signs of correction are seen. Still, ahead of the NFP, a consolidation between 111.30 and 111.60 seems likely, particularly considering the RSI in 4-hour charts is in overbought territory.
Warning:
Trading on CFDs involves a high level of risk, including full loss of your trading funds. Before proceeding to trade, you must understand all risks involved and acknowledge your trading limits, bearing in mind the level of awareness in the financial markets, trading experience, economic capabilities and other aspects.
Disclaimer:
Market Trends, Charts, Trading Ideas or other information provided by BKFX (Pty) Ltd and/or third parties are not intended as an investment advice and/or recommendation. The information provided is not presented as suitable or based on your specific need. You are responsible for your own investment decisions and you should not trade with money you cannot afford to lose. Any views or opinions presented in this Article are solely those of the author and do not necessarily represent those of the Company, unless otherwise specifically stated. The Company may provide the general commentary which is not intended as an investment advice and must not be construed as such. Seek advice from a separate financial advisor if an investment advice is needed. The Company assumes no liability for errors, inaccuracies or omissions, inaccuracies or incompleteness of information, texts, graphics, links or other items contained within this article/material.