The sell off of the US dollar extends quite rapidly, and positive data for the US jobs market is just not enough to jolt the US dollar back up.
EUR/USD is tackling high ground at nearly 1.2450, climbing around 200 pips from the recent 2 year lows. USD/JPY is under 118.50, around 300 pips from the highs seen not that long ago.
The dollar is also weaker against other currencies, but these ones certainly stand out. More coming
For EUR/USD, the high of 1.2450 represents the level seen after Draghi did not deliver immediate QE. Are we seeing a double top here? So far, it’s a lower high.
Here is the EUR/USD chart:
For USD/JPY, what comes up so quickly must come down so quickly as well. The rush above 120 was probably too quick, and then over-extended by the US Non-Farm Payrolls.
The US surprised with a gain of 321K jobs and this sent the dollar screaming higher on Friday. We saw another small extension early on Monday, but it all turned downhill for the dollar since then:
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