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  • USD/JPY struggles to make a decisive move in either direction on Friday.
  • Nonfarm Payrolls in the US increased by 245,000 in November.
  • US Dollar Index remains depressed near 90.50 after the data.

The USD/JPY pair spiked to a fresh daily high of 104.12 with the knee-jerk reaction to the US November jobs report but struggled to preserve its bullish momentum. As of writing, the pair was posting small daily gains at 103.92.

DXY fails to rebound after NFP report

The data published by the US Bureau of Labor Statistics showed that Nonfarm Payrolls (NFP) in the US rose by 245,000 in November. This reading missed the market expectation of 469,000 by a wide margin. Furthermore, the Unemployment Rate declined to 6.7% from 6.9% but this was likely caused by a 0.2 percentage point decline seen in the Labor Force Participation Rate.

Despite the disappointing NFP reading, the S&P 500 Futures stay in the positive territory ahead of the opening bell.

On the other hand, the US Dollar Index (DXY), which rose to a session high of 90.76, struggled to shake off the bearish pressure and was last seen losing 0.18% on a daily basis.

In the meantime, the 10-year US Treasury bond yield is up more than 5% on a daily basis and could help USD/JPY reclaim 104.00 if it manages to continue to push higher in the American trading hours.

Technical levels to watch for