In Tokyo, people started buying the U.S. dollar again, but when the ADP jobs report came out weaker than expected, the dollar fell. Today’s official jobs data is also expected to be weak. If the result matches the prediction, the dollar may fall more.
There is strong support near 142 yen, a level that has stopped the price from falling many times since April. This is also where the bottom line of the Bollinger Bands is. Even if the price goes below 142 yen, people may start buying again because tomorrow is U.S. Independence Day and they don’t want to hold risky positions during the holiday.
However, concerns about U.S. debt and early interest rate cuts mean the price is not likely to go up to 145 yen.
Expected Range for USD/JPY: 142.80 – 144.60
Note: This information does not guarantee profits. Please make your own decisions when trading.