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Usdjpyanalysys

USDJPY: Trading options for US Unemployment news tomorrow Analysis for US Trading session (Sept. 1 2017) The USDJPY trading pair has been heavily based on US news this month. Below is a general outlook to interpret this trading idea. 1 Hour SETUP USDJPY has been in a range of 108.70-110.70 since around August 16th. After a secondary H4 resistance test on the 25th (marked on chart), the pair dipped to a new low, seemingly breaking out of range. However, due to consecutive positive US news figures, the pair has rallied back to potentially test a previous high of 110.640. Since trading has been based on both bigger volatility around US and London session as well as positive US news, I expect the pair to consolidate around 110.000 before reacting to Unemployment figures tomorrow. WHAT TO DO WHEN NEWS IS RELEASED? On my chart, I have 2 possible scenarios. They are both in reaction to news so there is no clear trade bias before then. Price will retest .382 level fib here. 1. Depending on US unemployment news tomorrow, The pair may continue Bearish trend, retesting previous trend High's 2. Consecutive US positive data has run out of steam and doesn't meet forecasts sending, sentiment bearish. This will mean a 50% retest target. For option 1, I still say continue bearish trend because on the higher timeframes, the pair is still bearish along with the Dollar Index (DXY). I also expect hurricane Harvey to play a roll in negative US data next month, meaning, my sentiment is still bearish on this pair. Intraday however, I think a retest of previous (recent) high's are important to either induce bearish volatility, or to confirm the overall trend in general. Thank you guys for your time! As most responsible people would say... these are my ideas and I am in no way telling you which way you should trade. Please monitor your risk analysis and be careful trading around critical news day's and times. In some situations, although you may see an awesome trade, it might be better to sit on the sidelines and protect your capital if you are at all unsure. Keep those accounts safe! Remember... You can't go broke staying out! FX:USDJPY
by pipcentral