USD/JPY Breaks Above Key Resistance Near 114.35 Amid a Strong US Labor Market

USD/JPY – Technical Analysis for US binary Options brokers

Japan – Average Cash Earnings

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

Since earnings are directly correlated with consumer spending, US binary options investors consider a rise in the average cash earnings as a signal that the Japanese consumers will likely increase their spending. As consumer spending makes up a large portion of the Japanese GDP, it can predict the future strength of the Yen.

Last month, the Japanese average cash earnings increased by 0.7% and the forecast for this month is currently set at an additional increase of 0.6%

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 that measures the number of job openings during the last month.

Although the JOLTS figure excludes the farming industry, 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 6.08 million and this month the forecast is set at 5.98 million.

USD/JPY Forecast

USD/JPY Analysis for US Binary options brokers - 7th November 2017

Since early May 2017, the USD/JPY remained mostly range bound, where the 114.35 level provided ample resistance to further upside moves. However, earlier today, the USD/JPY broke above the important resistance near the 114.35 level and currently, it is trading above it.

As the Japanese average cash earnings is expected to increase only 0.6% last month, but the US JOLTS figure is expected to come close to the 6 million marks once again, at 5.98 million, we believe it would set a bullish fundamental outlook for the USD/JPY this week. Therefore, if the USD/JPY closes above the resistance near 114.35, it would likely attract additional bullish momentum in the market.

Hence, US binary options traders should look out for trading opportunities above this major resistance level around 114.35.

Top US Binary Options Brokers to trade USD/JPY

BitBot Pro

US Regulated Platform: NADEX

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