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USD/JPY soars after strong US nonfarm payrolls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/JPY soared to fresh 2 ½-month highs above 123.00 after the release of much better than expected US nonfarm payrolls report.

    Nonfarm payrolls report showed US economy added 271,000 new jobs in October versus 180,000 expected, while the unemployment rate dropped to 5.0% versus 5.1% expected.

    The dollar strengthened across the board as investors increase bets the Fed will raise rates in December, with USD/JPY jumping to a high of 123.03, last seen Aug 21. At time of writing, the pair is trading at 122.75, recording a 0.85% gain on the day.

    USD/JPY levels to watch

    In terms of technical levels, USD/JPY could find next resistances at 123.00/03 (psychological level/Nov 6 high) and 123.48 (Aug 21 high). On the other hand, supports could be faced at 121.38 (Nov 4 low), 121.10 (200-day SMA) and 120.59 (Nov 3 low).
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