USD/JPY extends losses after US nonfarm payrolls

By FXStreet USD/JPY fell sharply and posted fresh daily lows as the dollar weakened following the release of disappointing US nonfarm payrolls report.

US economy added 160,000 new jobs in April, below expectations of 200,000 and marking the weakest gain since September. February and March readings were revised down by a combined 19,000. The unemployment rate held steady at 5% in April.

USD/JPY lost around half a cent and bottomed out at 106.45 as the knee-jerk reaction. At time of writing, the pair was trading at 106.63, down 0.59% on the day.

USD/JPY technical levels

In terms of technical levels, immediate supports are seen at at 106.24 (May 4 low), 105.54 (2016 low May 3) and 105.19 (monthly low Oct.2014). On the other hand, next resistances line up at 107.49 (May 4 high), 108.25 (10-day SMA) and 108.77 (20-day SMA) .
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Source:: FX Street