USD/JPY corrected to the ¥157 range today under the influence of the U.S. employment report. Ahead of the event, retail investors are placing orders mainly for short-term trades.
During Asian hours today, USD/JPY corrected to the ¥157 range amid caution ahead of the U.S. employment report and concerns about intervention by Japan. It then rebounded to ¥158.216 ahead of the fixing announcement, but upside momentum was limited and it fell to ¥157.524.
Selling was observed around ¥157.900 above current levels, while buying was confirmed around ¥157.300 below them. Retail investors appeared to be trading mainly on a short-term basis rather than focusing on specific levels ahead of the event.
The article explains how to assess the key points ahead based on Gaitame.com's "Foreign Exchange Order Information." The company's data and charts were used as sources.