NFP today so traders looking for higher volatility cannot wait for the data to hit the wire. I, on the other hand, prefer times with lower volatility and much bigger predictability. That is why I prepared today three setups with Yen and only one of them has USD.
First we will start with the EURJPY, which did exactly what was expected. The price tested the 130.5 support, bounced and went 40 pips higher. Now we are declining again which creates a chance for a double bottom formation.
Next one is the NZDJPY, which is heading lower after the false breakout above the neckline of the long-term inverse head and shoulder pattern. As long as we stay above the long-term down trendline, the sentiment is not so bad but chances for a further drop increase with every second.
Last one is the USDJPY, which ahead of payrolls is above the lower line of the symmetric triangle formation. Sellers are putting pressure on this level and with a small help from the NFP that area can be easily broken.
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