Archive for December, 2009
The Positive Results Of Non Farm PayRoll
I wasn’t really following the chart last, the week of the Non farm payroll of Dec 2009. Most of the currency pairs had a big reversal candle i.e a pin bar, in the previous week. The biggest was in GBP-JPY. So before the announcement of the non-farm payroll values, the currencies were either bullish or bearish, depending on the pin bar that formed. For the GBPJPY, it was already bullish that week.
The NFP (non-farm payroll) showed the the unemployment rate decreased in America. It went from 10.2% to 10%. This is dollar bullish. Since the values of the NFP were positive, GBPJPY went higher. The market never lies. I believe it already had a hint that the NFP would be bullish, that was why it showed a daily pin bar in the previous week.
For now, GBPJPY has almost given back what it gained. It is down. this is a chart of it now.