USD/JPY quickly recovers initial losses post-NFP


The USD/JPY pair came under renewed selling pressure as the Non-farm Payrolls data from the United States came in lower than expected. After spiking down to 110.15, the pair was able to recover the immediate losses. At the moment, the USD/JPY is down 0.14% at 110.66.

The pace of growth in the payroll figures slowed in March as the data revealed an increase of 98,000 following an increase of 219,000 in February. That number also came in lower than the median forecast of 180,000. The fact that a blizzard slammed the east coast of the United States during the payrolls survey week could have impacted the hiring tendency negatively. In the meantime, the unemployment rate fell to 4.5% from 4.7%. Most experts think that the lower unemployment despite the weak payroll numbers suggests that the labıor market is getting back toı a 'normal state.'

The US Dollar Index, having dropped to 100.40 right after the data, jumped back to daily highs in a quick manner as the underlying details of the data didn't seem as scary as they did at first. Average hourly earnings rose 0.2% from the previous month, and the average workweek was unchanged at 34.3 hours in March.

Technical outlook

111 (psychological level) remains as the first technical resistance for the pair ahead of 111.45 (Apr. 5 high) and 112.20 (Mar. 31 high). To the downside, supports could be found at 110.10 (Daily low/Mar. 27 low), 109.80 (Nov. 18 low) and 109 (psychological level).

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.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD pressured toward 1.17 on Evergrande crisis

EUR/USD is extending its losses, falling toward 1.17. The safe-haven dollar is in demand as the crisis around China's Evergrande deepens and a global slowdown is feared. Tensions toward the Fed decision and also Germany's elections are taking their toll too.

EUR/USD News

GBP/USD tumbles under 1.37, succumbing to dollar strength

GBP/USD is trading under 1.37, suffering from robust dollar demand. The financial woes of China's Evergrande threaten a drop in global demand. Soaring energy prices are also weighing on sentiment. The Fed and the BOE are eyed later this week.

GBP/USD News

XAU/USD remains vulnerable while below $1761

Gold price is making a minor recovery attempt from six-week lows of $1742 amid a retreat in the US Treasury yields, as the risk-off mood remains at full steam.

Gold News

Cardano introduces Layer 2 solution Hydra, as ADA price looks to rally 25%

Cardano price is grappling with a crucial support floor on the daily time frame as the big crypto experienced a minor crash. Investors can expect ADA to slice through this barrier before restarting its uptrend.

Read more

Canadian Federal Elections: Not a very crucial vote

Markets are taking a hands-off approach to Monday’s Canadian Federal election between Prime Minister Justin Trudeau's Liberals and Erin O'Toole's Conservatives. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures