The Dollar ended the previous trading week by surging up to 94.200, however, bears are pushing back lower. As a result, traders are seeking intraday shorts for USDJPY.
The recent price action for the Dollar has been far from ideal as the price is currently in consolidation. There isn’t a clear trend to trade, rather a range that price is trading within. After an impulse move to the range high, bears are looking to the Dollar back down to 93.500.
With the Dollar set to head lower, bulls in USDJPY are struggling to get past weekly resistance at 114.200. Price has printed a shooting star on the daily hinting at another attempt lower. Price action traders are targeting 113.250 as an intraday target.
A new month brings along a new Non-Farm Payroll release. Current forecasts are bullish with an expected 397,000 jobs to be added and for unemployment to drop to 4.7%. If this holds, we could see Dollar bulls revisit 94.200.
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