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USD/JPY spikes to session tops in reaction to upbeat headline NFP print

2019-07-05 20:40    OctaFX
  • The US economy added 224K jobs in June; unemployment rate ticks higher to 3.7%.
  • Stable wage growth data remained supportive of the pair’s intraday up-move.
  • A slight deterioration in risk sentiment/Fed rate cut bets might cap any strong gains.

The USD/JPY pair built on its goodish intraday up-move further beyond the 108.00 handle and refreshed session tops post-US jobs data.

After a brief consolidation during the early Asian session, an intraday turnaround in the US Treasury bond yields prompted some US Dollar short-covering and helped the pair to recovery farther from weekly lows set on Wednesday.

The greenback got an additional boost following the release of the US monthly jobs report, which showed that the economy added 224K new jobs in June, surpassing the most optimistic estimates and much better than the previous month's softer reading of 75K. 

Meanwhile, the unemployment rate held ticked higher from multi-decade low and came in at 3.7%, while average hourly earnings growth also missed consensus estimates, though was largely offset by an upward revision of the previous month’s reading and remained supportive. 

It would now be interesting to see if the pair is able to capitalize on the positive momentum or once again fizzles out at higher levels amid a slight deterioration in the risk sentiment, which tends to underpin the Japanese Yen's safe-haven demand.

Technical levels to watch

 

JPYNFP

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