USDJPY Is Showing a Potential Head & Shoulders Pattern
After the decline and speculation created by the US NFP, we can see that the USD wants to recover again. It seems that the buyers have returned and did not change the direction of the USDJPY just for the employment data.
However, it was all old in my opinion, despite the aggressive selling of the USD.
During the early European morning, the Japanese Yen lost momentum as disappointing wage data increased economic concerns in Japan.
Labor income in Japan grew by 2.5% year-on-year in June, although it came in below the expected growth of 3.2%.
On the other hand, the BOJ is not serious about raising interest rates again in order to fight inflation and this is still creating some pressure on the JPY.
In the short term, USDJPY looks set to rise as shown in the chart with targets at 148.60 and 149.50.
You may find more details in the chart!
Thank you and Good Luck!
PS: Please support with a like or comment if you find this analysis useful for your trading day
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
After the decline and speculation created by the US NFP, we can see that the USD wants to recover again. It seems that the buyers have returned and did not change the direction of the USDJPY just for the employment data.
However, it was all old in my opinion, despite the aggressive selling of the USD.
During the early European morning, the Japanese Yen lost momentum as disappointing wage data increased economic concerns in Japan.
Labor income in Japan grew by 2.5% year-on-year in June, although it came in below the expected growth of 3.2%.
On the other hand, the BOJ is not serious about raising interest rates again in order to fight inflation and this is still creating some pressure on the JPY.
In the short term, USDJPY looks set to rise as shown in the chart with targets at 148.60 and 149.50.
You may find more details in the chart!
Thank you and Good Luck!
PS: Please support with a like or comment if you find this analysis useful for your trading day
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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youtube.com/@TradingPuzzles
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
✅MY Recommended Broker is TRADE NATION
🔸bit.ly/49VySJF
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
✅MY Recommended Broker is TRADE NATION
🔸bit.ly/49VySJF
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.