USDJPY struggles at 147.00 after bouncing off one-month low 146.55


  • The dollar dives 0.9% on the day and hits one-month lows at 146.55.
  • US payrolls increase, but unemployment rises, and salaries slow down.
  • USDJPY: More likely to peak at 155 than at 160 – MUFG.

The US dollar is trying to return above 147.00 in the US afternoon trading session, to trim losses after having lost nearly 0.9% on the day, reaching one-month lows at 146.55.

The US dollar dives on the back of the US Non-Farm Payrolls report

The greenback accelerated its downtrend on Friday, after the release of a mixed US NFP report. Employment creation remains robust, with non-farm private payrolls increasing by 261K in October, beating expectations of 200K and September’s figures revised up to 315K, from the previously estimated 4 K.

On the other hand, the unemployment rate has risen to 3.7% from 3.5% in September, above the consensus of 3.6%, while hourly earnings increased by 4,7% in October from 5% in September. These figures suggest that labor market conditions might be starting to ease and have revived the possibility of a shorter rate hike in December.

USDJPY: Ceiling at 155, with 160 a long way off – MUFG

From a wider perspective, Analysts at MUFG anticipate that the USDJPY peak might not be far off: “We forecast a near-term USDJPY ceiling of 155 given that it has already passed 150 once, is still hovering around 148, and considering the speed of its ascent over the last six-plus months (…) The 2 April 1990 high of 160.35 could come into view if the Fed steps up its communication with the market and a terminal rate of 5.5% to 6% comes into view, but we do not expect this at present.”

Technical levels to watch

USD/JPY

Overview
Today last price 147.08
Today Daily Change -0.98
Today Daily Change % -0.66
Today daily open 148.06
 
Trends
Daily SMA20 147.78
Daily SMA50 144.77
Daily SMA100 140.25
Daily SMA200 131.86
 
Levels
Previous Daily High 148.45
Previous Daily Low 147.11
Previous Weekly High 149.71
Previous Weekly Low 145.11
Previous Monthly High 151.94
Previous Monthly Low 143.53
Daily Fibonacci 38.2% 147.94
Daily Fibonacci 61.8% 147.62
Daily Pivot Point S1 147.3
Daily Pivot Point S2 146.54
Daily Pivot Point S3 145.96
Daily Pivot Point R1 148.64
Daily Pivot Point R2 149.21
Daily Pivot Point R3 149.97

 

 

 

 

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