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A stronger than expected jobs report has attracted a bid for the U.S. dollar. It’s the first sign of material strength from the greenback in quite some time.
The influx of buying pressure has the USDJPY trading just below 110.30 as I write this. That’s nearly 50 pips above the 109.80 key level.
However, the big question now is whether or not buyers can keep this up into the close. It wouldn’t be the first time we’ve seen the risk-sensitive USDJPY rally intraday only to sink just before the 5 pm EST close.
If buyers do manage a weekly close above 109.80, the area will likely begin to attract buyers next week. The next key resistance area above that comes in at 110.85.
On the other hand, if sellers regain control later today and force a sub 109.80 close, it will keep the pressure on the current 2018 low at 108.30. It would also carve a bearish rejection candle that could present an opportunity early next week.
I’m not doing anything here at the moment. Markets are still digesting this morning’s jobs report, and I want to see where prices settle before further consideration.
As a side note, keep an eye on U.S. equity markets. So far the yen hasn’t reacted much to weakness in risk assets. We’ll see how far the S&P and Dow can drop before market participants start to take an interest in the yen’s safe haven status.
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Thank you sir.
thank you
Thank you very much, justin.
ya the market is still funy this mng