Payrolls Friday! USDJPY Doji, Third Time’s A Charm?

Dec. 02, 2016 2:50 AM ET
Orbex profile picture
Orbex's Blog
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Gold & Precious Metals, Currencies

Contributor Since 2016

Orbex – Serving Traders Responsibly

Established in 2011, Orbex was founded with a mission to serve its traders responsibly. And with that in mind, Orbex works diligently to provide its traders with access to the world’s largest and most liquid financial markets. The company offers multiple trading assets, including forex, indices, commodities, metals and stock CFDs, as well as highly competitive trading conditions and access to tier-1 bank liquidity. With a diligent customer support team to answer your every query, and a focus on research, analysis and enhanced security of client funds, Orbex upholds a reputation of seasoned expertise within the industry.

Innovation at Every Turn

A market leader in innovation and customer service, Orbex offers its traders highly competitive trading conditions, with fast execution of under 0.03 seconds per order, spreads starting from 0.0 pips, free VPS and leverage up to 1:500.

This is in addition to an advanced selection of trading tools available on the industry’s favourite trading platform, MT4, both on desktop and mobile and for users of Windows, Mac, Android, and iOS.

Traders can also benefit from daily trading signals and technical analysis reports via Trading Central, as well as the broker’s award-winning research team via the Orbex blog and social media channels. Investors of all trading styles are welcome, including scalpers, hedgers and fans of automated trading who can also select from a wide range of Expert Advisors, or create their own thanks to Orbex’s platform supporting fast EA development. With over 20 native support languages to assist you, an automated chat bot system to streamline response times, a robust FAQ center and a highly trained team of support specialists available 24/5, no matter your trading query, Orbex sets an industry example for stellar customer service and support. Click here to get in touch with Orbex.

Trusted and Regulated

Not only is Orbex a trusted and award-winning broker, but it is also fully licensed by the Mauritius Financial Services Commission (FSC). Adhering to the strictest international regulations, Orbex has worked hard to consolidate its reputation as a trusted broker in the industry. This means offering their traders a secure trading experience, which includes but is not limited to, clients' funds segregation and the strict protection of data and personal information. When you combine this with the company's philosophy that encourages informed and responsible trading , and its status as an established source of valuable information, Orbex really stands out as the shining example of what it means to be a reliable broker.

Education is Key

Boasting an award-winning team of local and international investment researchers, Orbex focuses on offering traders of all levels the educational tools necessary to accompany every stage of their trading journey. From daily fundamental and technical analysis, to webinars, e-books, podcasts, videos and weekly reports, Orbex provides excellent educational material to suit every trader's needs. A leading provider in Elliott Wave research, Orbex analysis is frequently featured across global financial outlets, including Bloomberg, Refinitiv Eikon, and CNBC.

Learn more about Orbex at

Daily Forex Market Preview, 02/12/2016

Its payrolls Friday and the markets are expecting to see a solid print for November following Wednesday's ADP payrolls increase. Yesterday, the ISM and Markit's manufacturing PMI showed a strong increase in the reading. The markets are fully discounting the December rate hike. However, in the near term, the focus will be on Europe over the weekend with Italy and Austria in focus which could weigh on investor sentiment.

EURUSD Intra-day Analysis

EURUSD (1.0682): EURUSD was bullish yesterday, closing at 1.0661 with prices now seen trading close to the resistance at 1.0700. Price action could remain in a ranging position between 1.0700 - 1.0650 in the near term with an imminent breakout above 1.0700 likely to set the stage for an eventual move in EURUSD towards the main resistance level of 1.0900. Besides the nonfarm payrolls event, today, the weekend referendum in Italy and the Austrian elections are two major event risks that could pose headwinds for the single currency.

USDJPY Intra-day Analysis

USDJPY (114.03): USDJPY's doji is the third since the rally first started in early November. With the doji pattern indicating indecision near the 114.00 resistance level, a pullback is likely. But doubts remain on the scope of the pullback. Major support sits at 108.00, and it is possible that the dollar could slip to this level by next week in the backdrop of the geo-political events from Europe. On the 4-hour chart, prices are moving within an ascending wedge/triangle pattern which indicates a potential breakdown in prices. Watch for 113.50 minor support which if gives way could potentially clear the room for a drop towards the initial support at 109.75 - 109.50.

XAUUSD Intra-day Analysis

XAUUSD (1174.54): Gold prices formed another doji yesterday slipping to lows of 1160.83 in yesterday's trading. However, this could now signal a correction towards the support at 1200.00. In the near term, look for a pullback to 1170.00 following which gold prices could be seen rising towards the resistance zone of 1207.50 - 1200.00. Further upside could be seen if gold prices break out above this resistance in which case, 1250.00 could become a possibility. Alternately, the downside risks also increase if price breaks down below the previous low (1160.83) which could see gold eventualy slip towards the 1250.00 support.

Recommended For You


To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.