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BluetonaFX - USDJPY Approaching Trendline Support Break

Hi Traders!

Due to the weak NFP jobs data last Friday, there is further pressure on the US dollar. USDJPY is back under 150 and trading with bearish momentum.

Price Action 📊

The market's price action on the 2H chart is currently bearish. The market broke below the 20 EMA, failed to break back above in the re-test, and is approaching the trendline support with potential for a break and close below the trendline to continue pushing down.

Fundamental Analysis 📰

There were weak US major figures recently posted, with weaker than expected PMI figures and Non-Farm jobs data. The Fed also failed to commit to further interest rate hikes, which has left traders nervous about the US dollar.

Support 📉

149.273: TRENDLINE SUPPORT
148.805: MONTHLY LOW

Resistance 📈

149.736: PREVIOUS DAY'S HIGH
149.817: 20 EMA

Risk ⚠️
No more than 2% of your capital.

Reward 💰
At least 4% of your capital.

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Trade safely and responsibly.

BluetonaFX