22 Oct 2013
USD/JPY slumps on disappointing NFP
FXstreet.com (Córdoba) - The USD/JPY slumped and dipped below the 98.00 mark after data showed the US created fewer jobs than expected in September, weighing on the greenback.
NFP lower-than expected
US nonfarm payrolls printed a 148K gain versus 180K expected, while the unemployment rate edged down to 7.2% from 7.3% the previous month. Employment gains in August were revised up to 193K from 169K, but July's gain was trimmed to 89K from 104K to mark the smallest increase since mid-2012. USD/JPY lost nearly 50 pips and printed a low of 97.87 before finding support. The pair was last around 97.95, recording a 0.2% loss on the day.
USD/JPY levels to watch
On the downside, if USD/JPY breaks below 97.87, next supports are seen at 97.55 (Oct 18 low) and 97.35 (Oct 10 low), while on the upside resistances are seen at 98.40 (daily high) and 99.00 (psychological level/Oct 17 high).
NFP lower-than expected
US nonfarm payrolls printed a 148K gain versus 180K expected, while the unemployment rate edged down to 7.2% from 7.3% the previous month. Employment gains in August were revised up to 193K from 169K, but July's gain was trimmed to 89K from 104K to mark the smallest increase since mid-2012. USD/JPY lost nearly 50 pips and printed a low of 97.87 before finding support. The pair was last around 97.95, recording a 0.2% loss on the day.
USD/JPY levels to watch
On the downside, if USD/JPY breaks below 97.87, next supports are seen at 97.55 (Oct 18 low) and 97.35 (Oct 10 low), while on the upside resistances are seen at 98.40 (daily high) and 99.00 (psychological level/Oct 17 high).