USD/JPY & US NFP (December): Will the USD restart the bullish bias today?

Today at 13:30 GMT will be released the numbers from the Non-Farm Payrolls for December. The NFP data comes strong following a strong gain posted in November, where the US economy added 178,000 jobs, while the unemployment change remained untouched at 4.6%. Market’s analysts are expecting that NFP will remain around the latest levels from November, but the unemployment rate could expect an increase of 4.7%. If numbers come above the expectation, we can start to see a strong USD demand.

Our technical analysis for USD/JPY at H1 chart is still calling for more downside, as the pair is forming a lower low pattern below the resistance level of 115.60. If it manages to break below the 115.31 level, then it can extend the decline towards 114.81. The structure from January 3rd session is a bearish impulsive in terms of Elliott Wave and we can expect some kind of consolidation around 114.81.