6 Mar 2015
US NFP report pushes USD/JPY to 120.80
FXStreet (Mumbai) - The better-than-expected non-farm payrolls (NFP) data in the US pushed the USD/JPY higher to 120.80 levels. The fall in wages and a downward revision of the January’s payrolls figure could not have any significant effect on the pair.
Yen falls as Treasury yields rise
The February NFP print at 295K, pushed the 10-year Treasury yield higher to 2.174%; up 6.4 basis points for the day. The 2-year yield shot higher by 5.3 basis points to 2.768%. Consequently, the USD/JPY, known to have a direct relationship with yields, shot higher to 120.82 levels. Overall the jobs report is upbeat with the unemployment rate dropping to 5.5%. The weaker-than-expected wages figure and the downward revision of the January’s NFP to 239K from 257K failed to have any impact in the pair.
USD/JPY Technical Levels
The immediate resistance is seen at 121.00, above which gains could be extended to 121.83 (Dec. 7 high). On the other hand, support is seen at 120.34 and 120.00 levels.
Yen falls as Treasury yields rise
The February NFP print at 295K, pushed the 10-year Treasury yield higher to 2.174%; up 6.4 basis points for the day. The 2-year yield shot higher by 5.3 basis points to 2.768%. Consequently, the USD/JPY, known to have a direct relationship with yields, shot higher to 120.82 levels. Overall the jobs report is upbeat with the unemployment rate dropping to 5.5%. The weaker-than-expected wages figure and the downward revision of the January’s NFP to 239K from 257K failed to have any impact in the pair.
USD/JPY Technical Levels
The immediate resistance is seen at 121.00, above which gains could be extended to 121.83 (Dec. 7 high). On the other hand, support is seen at 120.34 and 120.00 levels.