USD/JPY Forecast May 5, 2017, Technical Analysis

The USD/JPY pair had a lot of volatility during the day on Thursday, as we tried to break above the 113 level but could not. By failing to breakout above there it shows that the market is on the sidelines and waiting to see the results of the jobs number in my opinion. The market continues to see bullish pressure over the longer term though, and with the jobs number coming out today I think this will be one of the more interesting places to trade. I believe that there is a certain amount of support near the 112.50 level, so I prefer the upside but also recognize that the number could cause a bit of a shock. I think that the 112 level underneath would be massively supportive unless the jobs number Mrs. horribly. The expected 185,000 jobs added during the month of April will be followed very closely during the day.
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The USD/JPY pair is traditionally where most currency traders get involved and express an opinion on the jobs number. The better the jobs number, the better the USD/JPY pair tends to behave. I believe that breaking above the 112 level was significant, so I prefer the upside and I believe that a break above the 113 level will send this market looking for the 115 level which is the top of the previous consolidation area. That is the longer-term plans far as I can see, but I also recognize that the noise during the day could make the trading environment rather difficult. If you can hang on to the volatility, I think that you can take comfort in the longer-term move, but also recognize that things may be uncomfortable for a while during the Friday session. Overall, I believe that I will be buying this pair more than once on the way towards 115.
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