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USD/JPY retreats after US data, still heads for highest weekly close in a year

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  • Japanese yen holds onto gains after US data.
  • US dollar turns negative even as NFP surpass expectations.

The USD/JPY is pulling back on Friday after rising significantly during two consecutive days. After the US official employment, it dropped to 111.14 and then bounced modestly. As of writing, it trades at 111.30, on its way to the highest weekly close since February 2020.

USD: Selling the fact

The dollar weakened even after the Non-Farm Payroll report showed a larger-than-expected increase in June by 850K. On the negative front, the unemployment rate rose unexpectedly to 5.9%.

US yields are modestly lower on Friday. The 10-year hits weekly lows and it is at 1.44%. The Japanese yen is being supported by the move in the bond market. In Wall Street, equity prices are up. The Dow Jones gains by 0.12% and the Nasdaq 0.28%.

Analysts at TD Securities wonder if a near-term top is now in for USDJPY. “With real-rate differentials still providing a drag, the pair’s inability to establish a fresh high above the March 2020 peak could be a sign that a pullback is due. Initial support should arise in the 111.00/10 zone, but support at 110.42 is more significant”.

Technical levels

 

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