Global macro overview for 10/05/2017:
Another report on the US jobs market comes from JOLTs Job Openings data. The survey recorded an increase of job openings to 5,743k at the end of March from a revised 5,682k in the previous month, which was originally reported as 5,745k. Moreover, the data were better than market expectations of 5,670k jobs. The lay-off range was at the level of 2.1%, unchanged from the month before. In conclusion, together with a strong NFP Payrolls data from Friday, the current job market in the US is still strong and the jobless claims remain at historically low levels (the lowest level since 2000). This conditions on the job market are supportive for the interest rate hike in June.
Let's now take a look at the USD/JPY technical picture on the H4 timeframe. The price has broken above the 78%Fibo at the level of 113.93 and currently is trading around this level. Please be aware that the trading conditions are now overbought and there is a visible bearish divergence between the price and the momentum oscillator. The immediate support is seen at the level of 113.62 and any violation of this level would lead to the test of the next important support at the level of 113.05.
