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USD/JPY forex signal - ADP private payrolls - 07 Mar 2018

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We can expect to see some volatility considering that later in the day other high ticket events include the release of the U.S. private payrolls report from ADP. The private payrolls data will be released at 13:15 GMT today and will cover the period of February.

According to the economist's expectations, ADP nonfarm employment change is expected to show 194k jobs being added for the month of January. This marks a slightly decline in the pace of jobs compared to January's 234k. The ADP report comes ahead of the official payrolls report due later this Friday.

The FOMC member, William Dudley is also expected to speak later in the day following the ADP report. Dudley has been one of the members who has expressed preference for gradual rate hikes. A positive outcome on the ADP report could see some comments from the Fed's Dudley.

All in all, today's economic data will likely shape expectations for the FOMC meeting that are due in a week's time. Expectations are high that the FOMC will be hiking interest rates by 25 basis points when it meets this week.
Besides the ADP data, the U.S. nonfarm labor productivity data for the fourth quarter will also be released later in the day.

Based on the above, the forex signal of the day is USDJPY. The currency pair as seen giving up the gains as the Japanese yen continues to remain firm against the U.S. dollar. USDJPY is seen consolidating near the support region of 105.80 - 105.50 region. We expect to see a reversal at this level in the near term.

Therefore we are looking to go long on USDJPY at 105.80, targeting 106.60 with stops at 105.45 as we expect the U.S. dollar to edge higher on the day against the yen.

forex signal usdjpy 07 mar 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.