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2 Aug 2013
USD/JPY slumps on mixed employment figures
FXstreet.com (Córdoba) - The USD/JPY saw a quick drop just after the US Labor Department announced the US economy added 162,000 jobs in July, missing expectations of 184,000, while revising down the June print to 188K from 195K previously estimated.
Disappointing NFP eases tapering expectations
USD/JPY fell over 100 pips in a matter of minutes to a low of 98.89, weighed by lower prospects the Fed could start to taper its bond-buying program as the employment sector doesn’t improve as much as the Fed would like. Nevertheless, the unemployment rate drop to 7.4%, which has helped to contain the dollar decline.
USD/JPY technical levels
At time of writing, USD/JPY is trading at the 99.00 area, from 99.90 right before the data, where it records a 0.5% loss on the day, with immediate supports at 98.85 (200-hour SMA) and 98.40 (100-hour SMA). On the other hand resistances are seen at 100.00 (psychological level), 100.45 (Jul 24 & 25 highs) and 100.85 (Jul 19 high).
Disappointing NFP eases tapering expectations
USD/JPY fell over 100 pips in a matter of minutes to a low of 98.89, weighed by lower prospects the Fed could start to taper its bond-buying program as the employment sector doesn’t improve as much as the Fed would like. Nevertheless, the unemployment rate drop to 7.4%, which has helped to contain the dollar decline.
USD/JPY technical levels
At time of writing, USD/JPY is trading at the 99.00 area, from 99.90 right before the data, where it records a 0.5% loss on the day, with immediate supports at 98.85 (200-hour SMA) and 98.40 (100-hour SMA). On the other hand resistances are seen at 100.00 (psychological level), 100.45 (Jul 24 & 25 highs) and 100.85 (Jul 19 high).