Jul 02 2021 0
Let's take a look at the market perspective for the weekend session. NFP data will be released tonight so everyone please pay attention!
- US weekly unemployment data better than expected (364k vs. 390k).
- Crude oil prices edged higher on Thursday, supported by falling US inventories while investors awaited a decision from the OPEC+ meeting on future production levels.
- Tensions between China and the West were heightened when in a speech marking the 100th anniversary of the founding of the Communist Party, Xi Jinping issued warnings and pledged to "completely reunify" Taiwan.
- Bitcoin, the largest cryptocurrency by market capitalization, has seen modest gains from reports that two prominent hedge fund managers are considering trading BTC.
USDJPY has successfully broken through the year high at 111. and is now heading towards the next resistance, around 112. Hopefully you have been able to replenish your long positions after the breakout as recommended earlier. The situation is quite favorable, you can consider moving the SL, setting the target around 112, noting the possibility of a correction around this price area.
The price recovered from the support level of 1.185 but then quickly fell back, which shows that the buying pressure around this price area is not much, and the possibility of further decline is possible. The previous sell orders have reached the target, you can consider taking full profit or moving the SL, only consider adding a new order in case 1.185 is completely broken, then the next target will be 1.180 and 1.17.
The price continues to decline and has broken the support area of 1.380, the bearish structure is confirmed, you can consider new sell orders, the next target is the 1.367 area.
The price has approached the target area of 1.245, you should consider taking profit on buy orders. We continue to expect the price to move up, however 1.245 is a strong confluence area, not excluding the possibility that the price will correct down from here. Therefore, only consider new buy orders when the price breaks through the upper downtrend line, creating a new high.
The price continues to fall, the support area of 0.747 is also showing signs of being broken, but this signal is not clear, currently only existing orders should be kept, only new sell orders should be added when this breakout signal is More clearly, the next target will be around 0.74 and 0.735.