Market Analysis: Non-Farm Payrolls put the USD/JPY in focus going into the weekly close

  • master
  • 09.03.2019
  • Comments Off on Market Analysis: Non-Farm Payrolls put the USD/JPY in focus going into the weekly close
<p><a href=”https://admiralmarkets.com/analytics/traders-blog/nfp-puts-usdjpy-in-focus”><img style=”width:auto;” class=”img-responsive” src=”https://fxmedia.s3.amazonaws.com/articles/remote/12ee4149fbdabc2e733778458ad96af8.png” style=”” rel=”” alt=”Economic Events calendar”></a></p><p><em>Source: Economic Events March 8, 2019 – </em><a href=”https://admiralmarkets.com/analytics/forex-calendar”><em>Admiral Markets’ Forex Calendar</em></a></p><p>Today, focus will be on the Non-Farm Payrolls again due to the yield sensitivity of USD/JPY on this currency pair. </p><p>A good indication for the NFPs is usually the ADP data set, which was published last Wednesday. It showed that private businesses hired 183 thousand workers in February, fewer than an upwardly-revised 300 thousand in January, but only slightly below market expectations (189k). </p><p>With that in mind, chances seem good that today’s NFPs will come in solid. At first glance, it could potentially result in an upwards push in US yields, and push back above 112.00 in USD/JPY. </p><p>But after the comments from Fed of New York President John Williams, delivered during a speech at the Economic Club of New York, where he said that the Fed may consider negative rates and quantitative easing in case of an economic downturn – any positive effect of a solid employment reading may be short-lived, if we get to see one at all. </p><p>In fact, if the NFPs disappoint, a weak weekly close for the USD could result, with USD/JPY going for a test of the region around 111.00. A push below that point would level the path for further losses in the upcoming week, with an initial target around 110.40.</p><p><a href=”https://admiralmarkets.com/analytics/traders-blog/nfp-puts-usdjpy-in-focus”><img style=”width:auto;” class=”img-responsive” src=”https://fxmedia.s3.amazonaws.com/articles/remote/d11d1e4af7d0ef6d5a20226883f6dd18.png” style=”” rel=”” alt=”USD/JPY daily chart”></a></p><p><em>Source: Admiral Markets </em><a href=”https://admiralmarkets.com/trading-platforms/metatrader-5″><em>MT5</em></a><em> with </em><a href=”https://admiralmarkets.com/trading-platforms/metatrader-se”><em>MT5-SE Add-on</em></a><em> USD/JPY Daily chart (between December 12, 2018, to March 7, 2019). Accessed: March 7, 2019, at 10:00pm GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.</em></p><p>In 2014, the value of USD/JPY increased by 13.7%, in 2015, it increased by 0.5%, in 2016, it fell by 2.8%, in 2017, it fell by 3.6%, in 2018, it fell by 2.7%, meaning that after five years, it was up by 4.1%.</p><p><a href=”https://admiralmarkets.com/trading-platforms/metatrader-5″><a href=”https://admiralmarkets.com/analytics/traders-blog/nfp-puts-usdjpy-in-focus”><img style=”width:auto;” class=”img-responsive” src=”https://fxmedia.s3.amazonaws.com/articles/remote/79bc2039376d3d611a62e8dd75af1d36.png” style=”” rel=”” alt=”Download MetaTrader 5 and begin trading today!”></a></a></p><p><em>Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter “Analysis”) published on the website of Admiral Markets. 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