USD/JPY Downtrend Likely Continue Despite Forecast of Strong Job Openings in the US

USD/JPY- Technical Analysis for US binary Options

United States – Job Openings (JOLTS)

On Tuesday, at GMT 3:00 p.m., the US Bureau of Labor Statistics will release the Job Openings and Labor Turnover Summary (JOLTS) figure. It measures the number of job openings during the last month.

The JOLTS figure excludes the farming industry. So, US binary options traders still consider it as a leading indicator of the overall health of the US economy. This is because new job openings will eventually end up employing someone and it may help gauge the consumer spending in the country.

Last month, the JOLTS Job Opening figure came out at 5.88 million. This month the forecast is set at 5.95 million.

Japan – Average Cash Earnings

On Wednesday, at GMT 12:00 a.m., the Japanese Ministry of Health, Labour and Welfare will release the year-over-year average cash earnings. It measures the changes in the total value of employment income collected by workers in the country over the past 12 months.

Earnings are directly correlated with consumer spending. So, binary options investors consider a rise in the average cash earnings. It then provides a signal that the Japanese consumers will likely increase their spending. Note that consumer spending makes up a large portion of the Japanese GDP. Hence, it can predict the future strength of the Yen.

USD/JPY Forecast

USD/JPY Forecast for US binary options - 6th February 2017

Since breaking below the uptrend line on January 10, 2018, the USD/JPY fell by around 400 pips. However, after reaching near the 108.50 level, it found a strong support on January 26. Over the last week, the pair tried several times but so far, it has failed to close below the support near 108.50.

The US job openings figure is expected to go up from 5.88 million to 5.95 million this month. On the other hand, analysts are expecting the Japanese average cash earnings figure to come down from 0.9% last month to 0.7% this month. However, as the downtrend is very strong, we believe bearish trend will continue despite a bullish fundamental outlook for the USD/JPY this week. Therefore, if the USD/JPY closes below the support near 108.50, it would likely attract additional bearish momentum in the market.

Hence, US binary options traders should look out for trading opportunities below this major support level around 108.50.

BTC/USD Forecast

BTC/USD Forecas for Bitcoin brokers

After breaking below the previous support level near 10,200 the BTC/USD continued to fall. Lately, bitcoin price has come down to below the 8,000 level. Currently, it is trading just above the support around 5,550.

Meanwhile, major financial institutions in the U.S. like Bank of America and JPMorgan Chase has reportedly said that they will no longer allow their customers to purchase Bitcoin with credit cards from February. We had the Korean government cracked down on bitcoin exchanges. Now, this new development in the U.S. will further reduce transaction volume. Lack of access to credit will certainly keep a considerable number of bitcoin traders in the U.S. outside of the market. We believe it will likely create additional bearish pressure on the bitcoin price.

Hence, US bitcoin traders should look out for trading opportunities below this major support level around 5,550.

Top Platform for US Binary Options Traders to trade AUDUSD

US Regulated Platform: NADEX

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