JOLTS job openings- There were 5.1 million job openings on the last business day of February. This was the highest level of job openings since January 2001. The job openings rate was 3.5 percent in February. The number of job openings was little changed for total private and government and no industries posted significant changes from January.
Upcoming events: Today traders are waiting for FOMC meeting minutes.
Technical view: The USD rebounds against JPY, CAD, and CHF. Ahead of today's mega event, the USD related pairs made a double top formation on the four-hour chart. USD/JPY double topped at 120.45 and USD/CAD – at 1.2522.
USD/JPY
Today is going to become big day for JPY. The BoJ's monetary policy statement and press conference are due for release soon. Ahead of the major events, JPY is trading higher against USD. At yesterday's session, the pair breached the previous swing, but unable to sustained there. The pair managed to close above 100Dsma, 50Dsma and 20Dsma at yesterday's session after PMI data. Bulls' fate lies at 117.70. Until the pair closes above 117.70, we can hope for the near-term bullish trend. The pair has intraday support at 119.80. Multiple intervals hourly and four-hour chart favours buyers. Until the pair closes above 119.40, intra-week trend favors long positions. Intraday resistance is seen at 120.30. We can expect big moves above 120.45 (double top) towards 120.60 and 121.20.
Trade: Buying sl 119.40
USD/CAD
Ahead of the mega event, the pair made a triple top at 1.2522. Trading pattern is framed between 1.2522 and 1.2485. In the hourly chart, we can observe higher highs and higher lows. This view will be cancelled in case price breaks below 1.2456. Strong technical support lies at 1.2350. If the price closes below 1.2350, it is going to be a real problem for bulls. Intraday support is found at 1.2480. Strong resistance is seen at 1.2550. Until the price closes below 1.2550, bears have the upper hand. There is no aggressive buying available for today's session. For an intraday session, we recommend buying above 1.2550 with targets at 1.2575, 1.2630, and 1.2650. We can expect strong momentum above 1.2575.
Trade: Buying above 1.2550
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