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7 Mar 2014
USD/JPY rallies after solid nonfarm payrolls
FXStreet (Córdoba) - The USD/JPY immediately after the release of the nonfarm payrolls report which showed the US added 175,000 new jobs in February versus 149,000 expected, while the unemployment rate rose to 6.7% from 6.6% as the labor force increased.
With the greenback strengthening broadly on upbeat data, the USD/JPY rallied more than half a cent and reached a high of 103.53, roughly the same level where it peaked on Jan 24. At time of writing, the pair is trading at the 103.50 zone, recording a 0.4% gain on the day.
USD/JPY technical levels
In terms of technical levels, the USD/JPY has immediate resistances at 103.58 (Jan 24 high) and 104.00 (psychological level). On the flip side, supports are seen at 102.42 (38.2% Fibo 101.20-103.17), 102.25 (Mar 6 low), 101.90 (100-day SMA) and 101.40 (Mar 4 low).
With the greenback strengthening broadly on upbeat data, the USD/JPY rallied more than half a cent and reached a high of 103.53, roughly the same level where it peaked on Jan 24. At time of writing, the pair is trading at the 103.50 zone, recording a 0.4% gain on the day.
USD/JPY technical levels
In terms of technical levels, the USD/JPY has immediate resistances at 103.58 (Jan 24 high) and 104.00 (psychological level). On the flip side, supports are seen at 102.42 (38.2% Fibo 101.20-103.17), 102.25 (Mar 6 low), 101.90 (100-day SMA) and 101.40 (Mar 4 low).