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Post-NFP low at 120.60 and daily pivot at 120.64 held two attempts of USD/JPY to break lower in the morning. The pair then tried the topside, busted previous week's high at 121.28 but stopped ahead of daily resistance 1 at 121.41. It turned lower from there, but 121 should now hold, if this market is indeed bullish.
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No winter for NFP
Despite tough winter conditions, February non-farm payrolls rose 295K and unemployment ticked down to 5.5%, a level touted by some officials as a "normal unemployment level". Average hourly earnings slightly disappointed, but that didn't stop the Dollar from gaining 100-150 pips across the board.
USD/JPY broke the New Year high near 120.75 then 121 level and traded up to 121.27. It stopped just ahead of weekly resistance 3 and is now in retreat. 120.75 should now act as support, as should broken…
USD/JPY broke the New Year high near 120.75 then 121 level and traded up to 121.27. It stopped just ahead of weekly resistance 3 and is now in retreat. 120.75 should now act as support, as should broken…