USD/JPY’s Post-NFP Shake

\ 10:39 AM EDT \ February 1st, 2013
Forex Technical Update

USD/JPY 15min chart 2/1/2013 10:35AM EST

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NFP Shake: The USD/JPY consolidated ahead of the NFP. The employment data for January came in at 157K, slightly disappointing, missing last month’s revised up 196K and but close to the 161K avg. forecast according to Forexfactory.com. As you can see in the 15-min chart. There is a dip below the the consolidation support, and 92.00 psychological handle, However, this dip was short-lived before a rally pushed through a new high on the day.

Bullish continuation? So far, it appears the bulls have regained control after the NFP shake. There is a little throwback as I wrap this up. I think the middle of that previous range around 92.10-92.15 is a key area. Staying above shows bullish control, while breaking below shows continuing consolidation, which could be a prelude to some further bearish correction in the short-term.

Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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