USD/JPY Surges To A 3-Day High On Sluggish US Nonfarm Payrolls Report

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  • USD/JPY climbed on an initial reaction to the US Nonfarm Payrolls headline.
  • The US economy added fewer jobs than forecasts in March, but the US Dollar advanced.
  • The Unemployment Rate remained steady while Average Hourly Earnings dipped.

The USD/JPY is rising sharply after the US Nonfarm Payrolls report showed that the labor market continued to slow down but was a whisker below expectations. At the time of writing, the USD/JPY trades in a wide range of 131.53-132.40, above its opening price.
 

US Nonfarm Payrolls missed estimates, but the US Dollar strengthens

The US Bureau of Labor Statistics (BLS) data showed that employment in March decelerated to 236K, below the 240K expected by the street, and trailed 311K jobs added in February. Average Hourly Earnings came at 4.2% YoY, below expectations of 4.3%, while the Unemployment Rate was 3.4% YoY, 0.2% below the 3.6% foreseen.
 

USD/JPY 1-Hour Chart Reaction

(Click on image to enlarge)

USD/JPY Hourly chart

The USD/JPY jumped from around 131.50, a tick above the central daily pivot point at 131.48, and broke above the previous three-day high of 131.93, and did not look back on the reaction to the headline. On its way north, the USD/JPY cleared the R1 daily pivot point at 132.18 but fell short of testing the R2 pivot at 132.60. A clear breach of the latter, and the USD/JPY could test April 4 133.16 daily high before challenging the R3 pivot at 133.31. On the flip side, a fall below 132.00 will expose the daily pivot at 131.48, followed by the S1 pivot at 131.06.
 

USD/JPY

OVERVIEW
Today last price 132.24
Today Daily Change 0.45
Today Daily Change % 0.34
Today daily open 131.79
TRENDS
Daily SMA20 132.31
Daily SMA50 133.08
Daily SMA100 133.56
Daily SMA200 137.24
LEVELS
Previous Daily High 131.91
Previous Daily Low 130.78
Previous Weekly High 133.6
Previous Weekly Low 130.41
Previous Monthly High 137.91
Previous Monthly Low 129.64
Daily Fibonacci 38.2% 131.48
Daily Fibonacci 61.8% 131.21
Daily Pivot Point S1 131.08
Daily Pivot Point S2 130.36
Daily Pivot Point S3 129.95
Daily Pivot Point R1 132.2
Daily Pivot Point R2 132.62
Daily Pivot Point R3 133.33

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