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USD/JPY wavers after NFP

FXStreet (Córdoba) - USD/JPY moved erratically posting a fresh 7-year high and falling to fresh daily lows in the minutes that followed the release of
US nonfarm payrolls.

Data showed US added 214,000 jobs in October, versus 231,000 expected and following an upwardly revised 256,000 gain in September. Meanwhile, the unemployment rate edged lower to 5.8% against 5.9% expected.

USD/JPY peaked at 115.56, posting a fresh 7-year high, but fell sharply to a low of 114.62 before bouncing to pre-data levels. At time of writing, the pair is at 115.10, little changed on the day.

Diverging monetary outlooks have been driving a strong USD/JPY rally, sending the dollar to its highest level in 7 years, with the pair picking up pace following BoJ decision to expand its easing measures last week. USD/JPY is more than 700 pips higher than it was prior to the release of the FOMC statement.

USD/JPY technical levels

As for technical levels, USD/JPY could find next resistances at 115.56 (2014 high Nov 7), 115.91 (Nov 1 2007 high) and then 116.00 (psychological level). On flip side, supports are seen at 114.82 (Nov 5 high) and 114.12 (Nov 6 low).

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