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USD/JPY recovers ground above 119.00

FXStreet (Córdoba) - USD/JPY rose more than 60 pips from daily lows and trimmed losses. The pair weakened after US employment data surprised to the downside and boosted the demand of the yen across the board amid risk version and a rally in government bonds.

USD/JPY from 1-month lows, back above 119.00

After the release of the September Non-Farm payroll report the pair bottomed at 118.64, hitting the lowest level since September 4. Then it rebounded sharply and rose back above 119.00. The recovery from the lows found resistance near 119.50 and it was trading at 119.38/42, 50 pips below yesterday’s closing price.

So far the area around September lows (118.55/60) capped the decline. From there the US dollar bounced and so far is avoiding a significant close under the 119.00 handle.

The Japanese currency pulled back in the market during the last hours as stocks in Wall Street moved off session lows. The Dow Jones is now at 16,180 (-0.55%) after bottoming at 16,010 while the S&P index is down 0.55%.

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