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USD/JPY still reeling from ISM service sector shock

On Friday afternoon the USD/JPY leapt higher after the release of the US  December Jobs report. That had emerged much better than forecast across all components and helped to lift the dollar immediately higher. The USD/JPY shot close to the next noted Fibonacci level at 146.08. The high seen was set at 145.97. Prior to that the dollar had already reclaimed the 144.70 level and closed the night before at 144.63. However, the surge to 145.97 was already being corrected when the latest ISM services index pushed it back down some 90 minutes later. That data came in well below estimates (52.5), at 50.6 and pushed the dollar back down to a low at 143.81. It later rebounded into the US close, where it ended the week at 144.63. That close was still well above its 200 day moving average (now at 143.36) . A further push higher earlier today saw it rise to 144.92, but it has backed off again since and fallen back to 144.32 earlier this morning. It is not much above that low right now. There will be more to add on this one as the day unfolds. The USD/JPY is currently trading at 144.45

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