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USD/JPY takes a breather ahead of 110.00

FXStreet (Córdoba) - USD/JPY staged a sharp rally on the back of upbeat US nonfarm payrolls, but stalled ahead of the 110.00 mark.

USD/JPY rose nearly 80 pips after the data but investors seem unwilling to increase bullish positions even after a better than expected ISM non manufacturing PMI (58.6 vs 58.5 exp). At time of writing, USD/JPY is trading at 109.70, 1.2% above its opening price.

USD/JPY pulled back sharply from a fresh 6-year high 110.07 scored Wednesday amid profit taking, but buyers reappeared at the 108.00 level. The dollar regain its shine Friday and rallied across the board following NFP beat.

USD/JPY technical levels


As for technical levels, USD/JPY could find next resistances at 109.84 (Sept 30 high) and 110.07 (Oct 1 high). On the other hand, supports are seen at 108.34 (Oct 3 low), 108.00 (Oct 2 low/psychological level) and 107.38 (Sept 12 high).

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