4 Apr 2014
USD/JPY slumps to 103.30
FXStreet (Edinburgh) - The greenback is intensifying the intraday decline post-Payrolls, dragging the USD/JPY to 3-day lows around 103.30.
USD/JPY lower after NFP
The pair eroded the recent 3-day advance to the vicinity of 104.20 after US Payrolls missed estimates in March, adding 192K jobs vs. 200K expected. In the same tone, the US jobless rate stayed put at 6.7% vs. forecasts for a drop to 6.6%. In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “continues to sit at the top of a shallow up channel, which today is located at 104.05, and we would allow for a small dip back. This break higher targets the 104.45/78.6% retracement”.
USD/JPY levels to consider
At the moment the pair is losing 0.60% at 103.30 and a breach of 103.10 (high Mar.12) would open the door to 103.09 (low Apr.1) and then 102.73 (low Mar.31). On the upside, the initial hurdle lines up at 103.81 (low Apr.3) ahead of 104.12 (high Apr.3).
USD/JPY lower after NFP
The pair eroded the recent 3-day advance to the vicinity of 104.20 after US Payrolls missed estimates in March, adding 192K jobs vs. 200K expected. In the same tone, the US jobless rate stayed put at 6.7% vs. forecasts for a drop to 6.6%. In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “continues to sit at the top of a shallow up channel, which today is located at 104.05, and we would allow for a small dip back. This break higher targets the 104.45/78.6% retracement”.
USD/JPY levels to consider
At the moment the pair is losing 0.60% at 103.30 and a breach of 103.10 (high Mar.12) would open the door to 103.09 (low Apr.1) and then 102.73 (low Mar.31). On the upside, the initial hurdle lines up at 103.81 (low Apr.3) ahead of 104.12 (high Apr.3).