MAY 10, 2021
- 266,000 jobs added vs. forecast of 990,000 jobs
- Lack of jobs was behind the poor report
Chart 1: USD/JPY D1 chart
The U.S. nonfarm payroll was a strong letdown after it reported an increase of 266,000 jobs in April as opposed to the forecast of 990,000. Analysts claimed the main reason behind this big difference is the low supply of jobs being unable to fulfill the high demand of jobs as more people are ready to re-enter the workforce. To make matter worse, the number of jobs added in March has been revised down from 916,000 to 770,000, thus indicating that March data did not perform as good as it was initially released. As a result, the U.S. dollar weakened across the board.
At the moment, a Head and Shoulder pattern is in the midst of forming. If USD/JPY were to break below the neckline of 107.900, look for selling opportunities.
Head and Shoulder setup for USD/JPY (D1)
Sell Stop Order at 107.400
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