USDJPY, 4 Hour
The U.S. unemployment rate fell to cycle lows of 4.9%, and hourly earnings rose more than expected. This could be view as a short term positive for the USD.
USDJPY price appears to be in a corrective recovery since sharply dropping from the recent highs near 121.70’s. Stochastic Analysis on the 4 hour chart supports short term long positions with a price target near the 118.15.
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Senior Currency Strategist
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