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USD/JPY dives and rebound on immediate US jobs data confusion
The US January jobs report has just hit the screens. Non-farm payrolls were forecast to rise by around 170k last month, down from the 256k rise in December. They have actually risen by 143k. However, the unemployment rate has fallen to 4% and the 256k rise last month in payrolls has been revised to a gain of 307k. Wages also rose above consensus, at 4.1%.Ahead of this the USD/JPY had dropped back from an earlier session high, at 152.25. It was trading back close to the 152 handle when the data came across the screens. The impact of this initially saw the USD/JPY slide to below 151.40, only to rebound even more once all the robots digested the true nature of the data. This was not a bad jobs report, not bad at all. The USD/JPY is now trading higher again, reaching above 152.40. It is right now at 151.95
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