USD/JPY shrugs off NFP, but still down for the day

By FXStreet USD/JPY managed to trim intraday losses over the last hours, as USD weakness triggered by the disappointing NFP reading was short-lived,

USD/JPY fell to a low of 106.43 as immediate reaction to data, but quickly bounced as investors shrugged off the soft NFP reading. However, the pair remains down for the day, on track to post the first loss in five trading days.

On the data front, the nonfarm payrolls report showed US economy added 160K new jobs in April, below the 200K expected, while previous months’ gains were downwardly revised.

USD/JPY levels to watch

At time of writing, USD/JPY is trading at 106.67, down 0.53% on the day. As for technical levels, next supports could be found at 106.24 (May 4 low), 105.54 (2016 low May 3) and 105.19 (monthly low Oct 2014). On the other hand, immediate resistances line up at 107.49 (May 4 high), 108.25 (10-day SMA) and 108.77 (20-day SMA).
For more information, read our latest forex news. …read more

Source:: FX Street