USD/JPY: supported by the NFP

USD/JPY: supported by the NFP

2020-05-08 • Updated

The NFP numbers were better than expected: 20.5mln jobs were cut against the 22mln estimate, with a 14.5% unemployment rate beating the forecast of 16%. As scary as they are, these figures are the best possible scenario, and the USD/JPY took that as such.

From the support at 106.33, the currency pair rose straight to 106.64, breaking the resistance of the 100-MA and 200-MA. The latter will likely serve now as a support level at 106.60 checking how firm the USD/JPY established itself at a higher base. If the market receives further positive news, it will likely push the USD/JPY back down in favor of riskier inclinations of investors.  

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