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USDJPY : Plunging Ahead of the Non Farm Payroll Data

USDJPY : Daily Chart

USDJPY today breaks below the support trend line of a rising channel trend which it was following on the daily chart. However it might find support near 108.21 and again rise. The moving averages are signaling an uptrend continuation. The upbeat unemployment claims data was not able to provide much support to the pair and therefore the pair didn’t post any gains.

USDJPY : 4 Hour Chart

On the 4 hour chart, 100 day SMA seems like acting as support currently. At the same level there is a support at 108.21 which earlier also prevented the pair in declining further. On the stochastic oscillator the pair seems to be in the oversold zone so we might see some rebound now. Accordingly it might again attempt to touch 110.

Investors now seems like waiting for the Non farm payroll data releasing tomorrow.