2 May 2014
USD/JPY soars after strong nonfarm payrolls
FXStreet (Córdoba) - The USD/JPY soared to 1-month highs around 103.00 after the US nonfarm payrolls came in much better-than-expected.
The US nonfarm payrolls showed the economy added 288,000 new jobs in April, beating expectations of 210,000 and following an upwardly revised 203,000 in March, while the unemployment rate fell to 6.3% versus 6.6% expected. The USD/JPY rose sharply as the knee jerk reaction and reached a 4-week high of 103.00 so far. Investors were hoping data could provide longer-term direction to the pair after 3 months of rangebound trading around 102.00.
USD/JPY technical levels
At time of writing, the USD/JPY is trading at 102.90, recording a 0.57% gain on the day, with immediate resistances lining up at 103.11 (Apr 8 high) and 103.38 (Apr 7 high). On the flip side, supports are seen at supports are seen at 102.25 (May 2 low), 102.12 (May 1 low), 102.00/02 (psychological level/Apr 30 low) and 101.80 (Apr 16 low).
The US nonfarm payrolls showed the economy added 288,000 new jobs in April, beating expectations of 210,000 and following an upwardly revised 203,000 in March, while the unemployment rate fell to 6.3% versus 6.6% expected. The USD/JPY rose sharply as the knee jerk reaction and reached a 4-week high of 103.00 so far. Investors were hoping data could provide longer-term direction to the pair after 3 months of rangebound trading around 102.00.
USD/JPY technical levels
At time of writing, the USD/JPY is trading at 102.90, recording a 0.57% gain on the day, with immediate resistances lining up at 103.11 (Apr 8 high) and 103.38 (Apr 7 high). On the flip side, supports are seen at supports are seen at 102.25 (May 2 low), 102.12 (May 1 low), 102.00/02 (psychological level/Apr 30 low) and 101.80 (Apr 16 low).