USD/JPY Technical Analysis: Greenback losing steam below 111.70 despite stellar NFP

USD/JPY daily chart

• USD/JPY is trading near 111.50 near a flat 200 SMA suggesting a sideways market.
• The US nonfarm payrolls (NFP) came better-than-anticipated at 263K jobs in April vs. 185K expected by analysts while Average Hourly Earnings came in slightly lower than expected at 3.2% vs. 3.3% YoY in April. 
• The reaction in the USD is currently negative despite the stellar NFP numbers.

USD/JPY 4-hour chart

• USD/JPY is ranging between the 50 and 200 SMA. 

USD/JPY 30-minute chart

• USD/JPY rejected the 111.70 resistance mentioned yesterday.
• The market is now trading below 111.55 and its main SMAs suggesting a bearish bias in the short-term. 
• Bears could drive the market to 111.20 and 111.00 figure while the overall picture on the Yen remains quite neutral for the time being.

Additional key levels