USD/JPY Rises above NFP Levels

USD/JPY Rises above NFP Levels

6 May 2016, 21:36
Roberto Jacobs
0
30

USD/JPY Rises above NFP Levels

The Japanese weakened in the market during the last hours of the week amid a strong bounce in Wall Street. The Dow Jones is now up by 70 points after being down by almost a hundred points.

USD/JPY rose sharply and is now above 106.95, that is the level it had before the release of the US employment report after rising 70 pips from the lows. It climbed to 107.18, erasing daily losses. It was trading around 107.15, holding a bullish tone near the end of the week.

Greenback gained momentum across the board, particularly against European currencies and hit fresh highs.

USD/JPY up for the week but still in danger zone

The US dollar is about to finish week higher versus the yen but still trades considerably below where it was before the decision of the Bank of Japan of April 28th to leave monetary policy unchanged that triggered a rally of the yen in the market. Back then USD/JPY was trading at 111.50 before collapsing more than 500 pips.

So far the area around 105.50 - 106.00 capped the decline. Price has been uanble to move considerably away from the mentioned area.


fxs_logo_news.png

Share it with friends: