USDJPY Daily Forecast Nov 02 2018

USDJPY: Bullish But Hesitates Ahead 113.15 Level…

As long as 112.29 support holds on a daily closing basis, the USDJPY remains on the upside to 113.65 level. A halt is likely, it may test 113.15 before another up. Anyway; above 113.65 aims 114.20 level, further upside, resistance comes at 114.95 level.

On the downside, support comes at 112.29 level, below that level will turn outlook neutral for 111.75/111.35 where another rise is likely…

Note: A failure to hold above 113.15 level on a daily closing basis could mean a return to 112.29 level.

Conclusion: The USDJPY sees upside threats above 112.29 levels even in the case of a corrective pullback…

Support: 112.29, 111.75, 111.05, 110.50

Resistance: 113.15, 113.65, 114.20, 114.95

Key data/events which may affect USDJPY today:

1. The U.S will report on Nonfarm Payrolls for Oct at 12:30 GMT. The forecast is to jump to 191K, from 134K a month earlier. Above forecast will support the U.S dollar.

2. The U.S will also report on the Unemployment Rate for Oct at 12:30 GMT The forecast is to inch up to 3.8%, from 3.7% in the preceding month. Below-forecast will support the U.S dollar. Above forecast us negative for the USD.

How both reports (Nonfarm Payrolls & Unemployment Rate) will affect the market?!

Scenario # 1: If both reports are positive. The USDJPY will rise to 113.65 at least. A break is likely if seen, it will target 114.20 level.

Scenario # 2: If both reports are negative, The USDJPY will decline to 112.29 level, If fails to hold, further weakness to 111.75 is suggested.

Scenario # 3: One report is positive and the other is negative. Sideways move is likely within 112.29/113.65 range.