- SWFX market sentiment is 66% bullish
- Pending orders in the 100-pip range are 53% to BUY
- Non-Farm Employment Change
Strong bullish momentum continues to be dominating the USD/JPY currency pair.
The Automatic Data Processing, Inc. revealed better-than-expected data in the US non-farm employment data in March.
Employment in private sector increased by 241,000, continuing the momentum in the Q1 2018, adding more jobs per month than on average in 2017, said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
He added that the manufacturing sector increased in its strongest pace during the last three years.
Non-Farm Employment Change
This week has been a disappointment for fundamental traders. The reason is the fact that almost all the US data released has hit or near the forecasts and caused only minor fluctuations in the markets.
However, the big event is scheduled at 12:30 GMT today, namely, the US Non-Farm Employment Change which will be covered by the Dukascopy research term on bank live webinar.
USD/JPY bullish momentum continues
The US Dollar managed to extend gains against the Yen during the previous session. The pair reached a new March high, but further advances were restricted by the monthly R1 at 107.53.The Asian session began with a fall, as Trump's proposal of new tariffs triggered risk-averse investors. By and large, it is likely that the monthly R1 pressures the rate lower during the following hours, while it remains guided by the 55-hour SMA.
The Greenback faces a relatively strong support area which is unlikely to be fully surpassed. However, some retracement down to the 100-hour SMA and the breached medium-term channel circa 106.50 might still follow.
The trading range for today is expected to be wide, as US employment data is published at 1230GMT.
Hourly Chart
The USD/JPY currency pair end yesterday with beautiful engulfing bullish candle
Daily chart
SWFX traders are still on the long side, as 66% of open positions were bullish during the morning hours. Moreover, trader set up orders remain bullish, as 53% of trader set up orders were to buy the US Dollar in favour to the Japanese Yen.
Meanwhile, the market sentiment of OANDA traders remains strongly bullish with 67% long positions. In addition, Saxo bank traders are 56% still bullish in regards to this pair.
Spreads (avg, pip) / Trading volume / Volatility