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8 Dec 2017

USD/JPY recovers NFP-inspired losses, returns to mid-113s

  • NFP beats expectations, wage inflation disappoints.
  • US stocks start the day on a positive note.
  • DXY looks to close the week near the 94 handle.

The USD/JPY pair recorded a 50 pip swing as it dropped to 113.10 from 113.60 with the initial reaction to the nonfarm payroll reports from the United States before recovering above the mid-113s. As of writing, the pair was trading at 113.52, gaining 0.38% on the day.

Today's data released by the U.S. Bureau of Labor Statistics showed that the unemployment rate in November stayed unchanged at 4.1% as the nonfarm payroll employment increased by 228,000. Although the NFP number beat the market expectation of 200K, the greenback came under pressure as the average hourly earnings rose to 2.5% from 2.4% on a yearly basis but failed to meet the experts' estimate of 2.7%, pointing to a softer-than-expected growth in wage inflation. However, it didn't take long for the DXY to recover its losses and the index was at 94 as of writing, on its way to second positive weekly close in a row.

In the meantime, the pair received an additional boost from the improved market sentiment on Friday. After starting the day slightly higher, major equity indexes in the U.S. pushed higher, making it difficult for the safe-haven JPY to show resilience against the buck. At the moment, both the Dow Jones Industrial Average and the S&P 500 indexes are up 0.3% on the day.,

Technical levels to consider

The pair could face the initial hurdle at 113.90 (Nov. 14 high) ahead of 114.70 (Nov. 6 high) and 115.00 (psychological level). On the downside, supports align at 112.90 (50-DMA), 112.20 (20-DMA) and 111.65 (200-DMA). 

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