The Dollar is up for the day to start the Non-Farm Payroll week. Current forecasts suggest positive job numbers, which should lead to further upside for the Dollar.
Although the unemployment rate is expected to increase to 6.4%, the US economy is projected to add another 133,000 jobs. We’ve seen the Dollar ‘ignore’ the first employment release of the year, so it’ll be interesting to see how the Dollar responds this Friday.
As the Dollar continues its climb up, USDJPY is setting up for a great push to the upside. Price action analysis shows a strong uptrend being formed on the daily as price continues to print hammers. Traders will be looking to enter once they see a retracement and rejection on the smaller time frames.
Aside from USDJPY, traders may also explore shorts for EURUSD and AUDUSD. Both pairs have fallen considerably to start the week and further downside can be expected if the Dollar continues its rally higher.
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