Will there be short-covering before the USD/JPY employment statistics release? Focusing on 148.423

Table of Contents
Chart Analysis

Good morning

The USD/JPY decline is steep, isn’t it
There was a rise that took profits temporarily, but it did not continue

There are signs of a rise, but

we won’t know until a certain point is broken

First, the 4-hour chart

Within a downtrend channel

In yesterday’s drop, momentum seemed to have picked up

Even if it rises

I think it will be capped by the black 20-MA

On the 1-hour chart

It also looks like a drop forming at the W-shaped bottom

Within a large downtrend there is also a rise

Now after rising, in a downtrend

After achieving the half-retrace of the recent big drop

The half-retrace of that drop has also been achieved

GMMA is in a downward direction

Breaking through around 148.423 is a condition for rise

Before that, breaking the 20-MA is needed

Right now, 148.129

Whether the downside makes a new low

On the 15-minute chart

On the 15-minute chart, it is above the 20-MA

If it rises, it needs to break today’s pivot line 148.21

If there is another swing today
Pivot line S1 is 147.086
S2 is 146.185
There is a possibility due to the nonfarm payrolls, but

If there is short-position covering before the payrolls

It could reach pivot line R1 at 149.111

The market’s future is unknown, but I think it’s important to prepare for it

Yesterday’s Review

Yesterday’s 15-minute chart

The result is

At Tokyo’s order line there was an unusual rise

With reports that this spring wage talks would exceed 6% as a raise

there was a large downtrend

the blue line also broke through

pivot line S2 has held

Indeed, pivot lines are being noticed

I will keep monitoring today as well