USD/JPY under pressure
|Whilst the risk-off sentiment continues through the European Equities session late this Friday, causing mild strength to Yen crosses, a weaker than expected US NFP may put the coolers on a possible rate hike in December. As suggested last week, we thought the USD would weaken leading into the US elections, we remain of the view that this will continue.
However as I suggested on latest US elections webinar with FXstreet.com, NFP didn’t have any particular result on the market movement. POC (61.8, EMA 89, bearish order block, H4) 103.35-50 could be used for positional shorts. If 102.91 breaks without any retracement then continuation towards 102.55 is possible. Final target is 102.46.
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