5 Jun 2015
USD/JPY reaches highest level since June 2002
FXStreet (Córdoba) - USD/JPY rallied sharply and reached its highest level in 13 years as the dollar strengthened on the back of stronger than expected US nonfarm payrolls.
USD/JPY broke decisively above the 125 mark and triggered stops, accelerating to a high of 125.85 before taking a breather. At time of writing, the pair is trading at the 125.70 zone, recording a 1.09% gain on the day.
In terms of technical levels, next resistance is seen at 125.91 (Jun 2002 high), while immediate supports could be found at 124.33 (daily low) and 124.00 (psychological level).
US nonfarm payrolls report signaled a strengthening labor market, lifting investors' expectations the Federal Reserve would raise rates before the year end.
The US economy created 280,000 jobs in May, following 221,000 in April and 225,000 expected by analysts. The unemployment rate edged higher to 5.5% from 5.4% the previous month, but mainly because more people entered the labor force in search of work.
USD/JPY broke decisively above the 125 mark and triggered stops, accelerating to a high of 125.85 before taking a breather. At time of writing, the pair is trading at the 125.70 zone, recording a 1.09% gain on the day.
In terms of technical levels, next resistance is seen at 125.91 (Jun 2002 high), while immediate supports could be found at 124.33 (daily low) and 124.00 (psychological level).
US nonfarm payrolls report signaled a strengthening labor market, lifting investors' expectations the Federal Reserve would raise rates before the year end.
The US economy created 280,000 jobs in May, following 221,000 in April and 225,000 expected by analysts. The unemployment rate edged higher to 5.5% from 5.4% the previous month, but mainly because more people entered the labor force in search of work.