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6 Dec 2019
USD/JPY price analysis: Greenback retraces NFP-inspired spike against yen
- USD/JPY gets a boost from the stellar Nonfarm Payrolls (NFP).
- The level to beat for bulls is the 109.03 resistance.
USD/JPY daily chart
USD/JPY is trading below the 109.00 figure and the 50/200-day simple moving average (DMA) on the daily time frame as the market is in a tight range for the third consecutive day. Earlier, the Nonfarm Payrolls (NFP) smashed market expectations with 266k vs. 180k forecast.
USD/JPY four-hour chart
The market is trading within ranges as the bulls are trying to regain the 109.00 handle above the 200 SMA. However, a daily close below the 108.58 support can see the market decline towards the 108.24 level.
USD/JPY 30-minute chart
Next week, buyers might try to break the 109.03 resistance. If they do, resistances on the way up are seen near the 109.30 and 109.48 levels, according to the Technical Confluences Indicator.
Additional key levels