U.S Non-Farm Employment Report Looms – Sell On USDJPY
On Thursday (7/7), Japan posted a disappointing current account surplus, which contracted 2.4% to $18 billion in May for the first time in nearly two years. Nevertheless, the Japanese yen has still gotten stronger against the greenback given that investors still expressed anxiety over the upcoming all-important U.S job report, to be published today. On the H4 chart, the pair is moving in a range between 100.598 and 100.960 throughout the previous sessions. RSI (14) has stumbled to 36.5721, indicating that the bearish force is overwhelming. The downtrend is expected to continue for some time.
Sell stop at 100.719, Take profit at 100.598, Stop loss at 100.839