USD/JPY Weekly Outlook

USD/JPY Technical Analysis Outlook 

NON-FARM PAYROLLS AND UNEMPLOYMENT DATA (USA) ,this event is a very Significant indicator on the usd/jpy, the results showed 151k growth in August, below the expectation of 188k. Prior month's figure was revised up from 255k to 275k but couldn't make up the shortfall. Unemployment rate was unchanged at 4.9% versus expectation of a fall to 4.8%
The results were mixed but USD/JPY rose further to as high as 104.31 last week ,now we need to focus on 104.60 level break this level  could build up momentum to power through 107.48 resistance, which indicates a larger trend reversal. On the downside, break of 102.60 minor support will turn bias back to the downside for 98.97 support again
Break of 107.48 resistance is needed as the first sign of medium term bottoming and send the usd jpy to 111 area

Again im remind you Once again and turn your attention to 1998-1999

However, with the recent action, the probabilities appear to favor further upside in the pair, following any period of consolidation. And, according to the latest Commitment of Traders report from the Commodity Futures Trading Commission, released Friday with data as of the August 30th close, large speculators still maintain a heavily biased long position in Japanese Yen futures, with net positioning at 63,661 long contracts following a net long position of 60,316 contracts as of August 23rd,while the dealer side show decrees on the position (short  jpy/usd)  A further drop in yen futures could result in the liquidation of these longs, adding further fuel to the slide in the yen and rise in USD/JPY.

This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice