SEP 3, 2021
- Make-or-break jobs report
- Straddle set-up on USD/JPY (D1)
Chart 1: USD/JPY D1 chart
The monthly anticipated U.S. nonfarm payroll report will be released today. This will be a make-or-break report as it may impact the Fed’s decision on whether to announce a quantitative easing (QE) tapering during their monetary policy meeting later this month. Recall that during the Jackson Hole Symposium, Federal Reserve Jerome Powell highlighted that the “substantial further progress” condition has been met for inflation. Hence, the Fed will now turn its attention to employment to determine if a QE tapering announcement is warranted. (Read more about the Jackson Hole Symposium in this post)
Although the market expectation of 720,000 jobs being added into the U.S. economy in August is lower than the previous month’s figure of 943,000, this is nonetheless still a good figure to be considered making good progress from the Fed’s point of view. However, with the rise in COVID cases across the country throughout August, jobs figures may actually turn out softer than expected, potentially pushing back the Fed’s tapering announcement. Hence, this jobs report is likely going to move the market upon its release.
For the past two weeks, USD/JPY has been ranging across within 90pips. This consolidation is also clear from the squeezing of the Bollinger Bands and the flattening of our MACD indicators. Therefore, a Straddle trade setup is formed, allowing us to tap on both buying and selling opportunities after the release of the nonfarm payroll report.
Trade Setup for USD/JPY (D1)
Buy Stop at 110.50
Sell Stop at 109.20
Upcoming major news that may impact price movement of USD/JPY
03 September – U.S. Nonfarm Payroll jobs report release at 2030 (GMT+8)
03 September – U.S. ISM Services PMI data release at 2200 (GMT+8)
09 September – FOMC member Daly speaking at 1105 (GMT+8)
10 September – FOMC member Williams speaking at 0200 (GMT+8)
免責事項：本記事で述べられている見解は著者の見解のみであり、Followmeの公式見解を反映するものではありません。Followmeは、提供された情報の正確性、完全性、信頼性について一切責任を負いません。また、書面で明示的に記載されている場合を除き、本記事の内容に基づいて行われたいかなる行動についても責任を負いません。
