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Ready to trade the NFP release?

If you’re still looking for setups, then you’ll love to learn that USD/JPY is flirting with a key inflection point right now.

But before we talk setups, check out the top headlines that moved the major currencies in the last few hours:

`Major Forex Pairs Price Performance from MarketMilk
Major Forex Pairs Price Performance from MarketMilk

Upcoming Potential Catalysts on the Economic Calendar:

  • 6:45 am GMT Switzerland’s unemployment rate
  • 7:00 am GMT Germany’s industrial production
  • 7:00 am GMT Germany’s trade balance
  • 7:45 am GMT France’s consumer spending
  • 7:45 am GMT France’s industrial production
  • 7:45 am GMT France’s trade balance
  • 8:30 am GMT U.K.’s Halifax house price index
  • 10:00 am GMT Eurozone unemployment rate
  • 1:30 pm GMT U.S. NFP report
  • 1:30 pm GMT Canada’s labor market numbers

What to Watch: USD/JPY

USD/JPY 1-hour Forex Chart
USD/JPY 1-hour Forex Chart

The last few trading sessions has been good to USD/JPY, which has broken above a short-term downtrend to trade just under the 104.00 psychological handle.

Word around is that Uncle Sam will print weaker labor market numbers for the month of December. Question is, will traders care?

A better-than-expected release would encourage risk-takers to extend the dollar’s upswing. A break above 104.00 could push USD/JPY to its 104.25 and 104.50 previous areas of interest.

But what if we do see terrible numbers and traders start worrying about…fundamentals?

A burst of bearish pressure, however, could drag the Greenback down to the 103.50 levels or even 103.25 inflection point.