10 Jan 2014
USD/JPY slumps after dismal US NFP
FXstreet.com (Córdoba) - The USD/JPY wavered and then slumped to 3-day lows after the US nonfarm payrolls report came much weaker than expected.
NFP prints smallest increase in 3 years
The US economy added just 74,000 new jobs in December, to mark the smallest increase since the start of 2011, while the unemployment rate fell to 6.7% from 7.0%, probably because more people dropped out of the labor force. Forecast called for a 196K gain. The USD/JPY initially spiked to a high of 105.32, only to fall like a stone toward 104.20 as investors digest the data.
USD/JPY levels to watch
At time of writing, the USD/JPY is trading at the 104.30 zone, recording 0.5% loss on the day. In terms of technical levels, the USD/JPY could find immediate supports are at 104.17 (Jan 7 low) and 104.00 (psychological level) ahead of 103.90 (Jan 6 low). On the other hand, resistances are seen at 105.32 (Jan 10 high), 105.44 (2014 high Jan 2) and 105.50 (Oct 6 2008 high).
NFP prints smallest increase in 3 years
The US economy added just 74,000 new jobs in December, to mark the smallest increase since the start of 2011, while the unemployment rate fell to 6.7% from 7.0%, probably because more people dropped out of the labor force. Forecast called for a 196K gain. The USD/JPY initially spiked to a high of 105.32, only to fall like a stone toward 104.20 as investors digest the data.
USD/JPY levels to watch
At time of writing, the USD/JPY is trading at the 104.30 zone, recording 0.5% loss on the day. In terms of technical levels, the USD/JPY could find immediate supports are at 104.17 (Jan 7 low) and 104.00 (psychological level) ahead of 103.90 (Jan 6 low). On the other hand, resistances are seen at 105.32 (Jan 10 high), 105.44 (2014 high Jan 2) and 105.50 (Oct 6 2008 high).