USD/JPY falls below 133.00 on US Dollar weakening and NFP data

 

Price analysis for the USD/JPY: Likely to be strongly bearish below 133.00. Despite the tight labor market, the US Nonfarm Payrolls statistics for December reduced the value of the US dollar. The softening of the average hourly wage led to expectations that the Federal Reserve would act dovish during its meeting in February. The US economic statistics, although good, put pressure on the US Dollar, causing the USD/JPY to battle at the 200-day Exponential Moving Average (EMA) around 134.82 and fall below the 134.00 level. This contributed to a loss of 100 pip in the major. The USD/JPY is now trading at 132.81, down from its initial price by 0.44%.

According to figures released by the US Department of Labor on Friday, Nonfarm Payrolls climbed by 223K in December, above predictions of 200K. While average hourly wages increased 4.6%, below the market forecast of 5.0%, the unemployment rate decreased to 3.5% YoY, which pleased Fed policymakers who saw wage pressures as a barrier to combating inflation.

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