- October US employment report surpasses expectations.
- US dollar weakens as Treasury yields decline despite employment data.
- USD/JPY remains sideways, now testing the lower bottom.
The USD/JPY peaked at 114.02 following the US employment report and then turned to the downside. Recently it bottomed at 113.48, the lowest level in three days. It is hovering around 113.50, near the lowest bottom of the current range.
The US official employment report came in above expectations, with payroll rising by 531K above the 425K of markets consensus. The dollar initially rose but then weakened amid lower US yields. The economic numbers were not enough strong to change the perspectives of the November FOMC meeting. The views presented by Jerome Powell on Wednesday are still intact after today’s NFP.
The reversal in the bond market, with the US 10-year yield falling from 1.54% to 1.47%, the lowest in a month, pushed USD/JPY to the downside. The pair received support from market sentiment. The Dow Jones is up by .085% and the Nasdaq gains 0.60%.
Despite recent price action, USD/JPY continues to move sideways in a range between 113.40 and 114.20, now from more than two weeks. It is trading closer to the bottom. A break under 113.40 could trigger a bearish correction. Still, the dominant trend is bullish.
|Today last price||113.63|
|Today Daily Change||-0.13|
|Today Daily Change %||-0.11|
|Today daily open||113.76|
|Previous Daily High||114.28|
|Previous Daily Low||113.51|
|Previous Weekly High||114.31|
|Previous Weekly Low||113.26|
|Previous Monthly High||114.7|
|Previous Monthly Low||110.82|
|Daily Fibonacci 38.2%||113.8|
|Daily Fibonacci 61.8%||113.98|
|Daily Pivot Point S1||113.42|
|Daily Pivot Point S2||113.08|
|Daily Pivot Point S3||112.65|
|Daily Pivot Point R1||114.19|
|Daily Pivot Point R2||114.62|
|Daily Pivot Point R3||114.96|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.