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3 May 2013
Forex: USD/JPY soars above 99.00 after strong NFP
FXstreet.com (Córdoba) - The greenback strengthened across the board and jumped to a 1-week high versus the yen after the non-farm payrolls report showed the US economy added 165,000 jobs in April, beating expectations of 145,000.
USD/JPY climbed over 100 pips in a matter of minutes and reached a high of 99.11 in recent dealings. The pair is currently trading near highs at the 99.00 zone, where it records a 1.0% gain on Friday.
Strong employment data trims expectations that the Fed could extend asset purchases, boosting the US dollar.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com comments that we may see some consolidation following the knee-jerk reaction, "but if price holds above 98.60/80 price zone, further gains can be expected towards 99.60 today".
USD/JPY climbed over 100 pips in a matter of minutes and reached a high of 99.11 in recent dealings. The pair is currently trading near highs at the 99.00 zone, where it records a 1.0% gain on Friday.
Strong employment data trims expectations that the Fed could extend asset purchases, boosting the US dollar.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com comments that we may see some consolidation following the knee-jerk reaction, "but if price holds above 98.60/80 price zone, further gains can be expected towards 99.60 today".