Carry trades are being unwound, with the sell-off in global equities weighing on risk reduction. But I look at this as an opportunity to buy at the low price again. The EJ also started to decline against the Yen, as the pair almost reached the 167.50 target, but it retraced back from the 167.15s resistance level, but the technical parameters started showing an upside potential once again, and the point at 165.22 seems to offer good demand for the pair.
Today's US employment report may give further justification for the Fed's lack of commitment to cut fed funds rates below 4.5%. The forecast is for jobs growth of 120K, just above last month's figure of 110K.
Above 100K--> Could boost the EJ higher
Below 80K --> Could push the EJ lower
Good luck..!
Today's Pivot Points:
R3 = 169.06
R2 = 168.14
R1 = 166.77
PP = 165.85
S1 = 164.47
S2 = 163.55
S3 = 162.18
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