EUR/JPY hits fresh multi-year lows after NFP
By FXStreet EUR/JPY reached 121.46, the lowest level since March 2013 after the release of the US employment report and remains under pressure trading below 122.00
JPY up on NFP
The Japanese yen was the currency that rose the most after disappointing US economic data. According to the Labor Department, the US economy created 160.000 jobs in April, below the 200.000 expected and the lowest level in months.
On Thursday EUR/JPY dropped breaking a short-term uptrend line. Before the release of the NFP it was trading at 122.15 and the fell to 121.46. Then it bounced to the upside, but it was unable to recover 122.00.
Currently it trades at 121.85, moving in a small range between 122.00 and 121.70. So far the pair has avoided a sharp decline below the 121.60 barrier that capped the downside last week and also in April. A consolidation below could open the doors for a bigger drop.
On a weekly basis EUR/JPY is about to end unchanged, showing indefinition. It climbed to 123.50 but reversed and erased alls gains. To the downside, it tested levels under 121.60 but rose back above.
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Source:: FX Street
