Valeria Bednarik, chief analyst at FXStreet, noted the spike in USD/JPY following the spectacular Nonfarm Payrolls numbers.
Key Quotes:
"The USD/JPY had a strong comeback following US Non Farm Payrolls release, surging over 170 pips in a couple of hours, flirting now with the 119.00 level."
"The pair has been trading in a quite restricted range for almost 3 weeks, having been trading below the 118.00 for most of the week. Nevertheless, the news have sent the pair up to current 119.00 price zone, with the pair about to test a daily descendant trend line coming from the multiyear high posted in December at 121.84, today at 119.25."
"The daily chart shows that the technical indicators head higher above their midlines, while the price develops well above a strongly bullish 100 SMA. A break through the trend line should lead to further gains, eyeing the 120.00 figure first, in route to the mentioned 121.84 high over the upcoming week."
"If on the other hand, the price eases below 118.40, the risk to the downside will increase towards the 117.30/60 price zone, while further declines below 116.90 can expose the pair to a run down to 115.55 next week."
Key Quotes:
"The USD/JPY had a strong comeback following US Non Farm Payrolls release, surging over 170 pips in a couple of hours, flirting now with the 119.00 level."
"The pair has been trading in a quite restricted range for almost 3 weeks, having been trading below the 118.00 for most of the week. Nevertheless, the news have sent the pair up to current 119.00 price zone, with the pair about to test a daily descendant trend line coming from the multiyear high posted in December at 121.84, today at 119.25."
"The daily chart shows that the technical indicators head higher above their midlines, while the price develops well above a strongly bullish 100 SMA. A break through the trend line should lead to further gains, eyeing the 120.00 figure first, in route to the mentioned 121.84 high over the upcoming week."
"If on the other hand, the price eases below 118.40, the risk to the downside will increase towards the 117.30/60 price zone, while further declines below 116.90 can expose the pair to a run down to 115.55 next week."
