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Home ANALYSIS

USDJPY steady, a little higher, after the US jobs report

A.R Chowdhury by A.R Chowdhury
April 1, 2022
Reading Time: 4 mins read
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The USD is a little higher after the US jobs report:

  • Stocks are a little lower. The NASDAQ is up 72 points. The Dow industrial average is up 164 points the S&P is up 19 points. All are lower versus the early premarket levels
  • Fed on track for 50 bps remains intact
  • 2-10 year spread ticks into inversion. The 2 year yield is up to 2.426%. The neutral rate is largely thought to be 2.5%. Although the Fed is well off that level in the short term, the market is near that level across the yield curve.

US yields

The 2-10 year spread inverts

Looking at the  USDJPY 
USD/JPY

The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen.  The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting in an extremely liquid pair, and very tight spreads, often staying within the 0 pip to 2 pip spread range on most forex brokers. Although the range of the USD/JPY isn’t traditionally particularly high, the lack of large price action often associated with other JPY pairs does make it easier to trade.This is especially true for short-term traders, although without offering a great pip potential. Even though the USD/JPY is the world’s second most traded pair, it’s not as popular as one might think with regards to retail traders.The pair carries a reputation as “boring”, although this isn’t an entirely accurate reflection. Trading the USD/JPYThe JPY is highly regarded as a safe haven currency, with investors often increasing their exposure following periods of uncertainty or market-induced fallouts.As both the US and Japan are highly developed economies, there are several key factors affecting the value of either currencies. This includes a range of economic indicators such as gross domestic product (GDP) growth, inflation, interest rates and unemployment data. Monetary policy by the US Federal Reserve and Bank of Japan are also large determinants in the value of each currency.

The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen.  The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting in an extremely liquid pair, and very tight spreads, often staying within the 0 pip to 2 pip spread range on most forex brokers. Although the range of the USD/JPY isn’t traditionally particularly high, the lack of large price action often associated with other JPY pairs does make it easier to trade.This is especially true for short-term traders, although without offering a great pip potential. Even though the USD/JPY is the world’s second most traded pair, it’s not as popular as one might think with regards to retail traders.The pair carries a reputation as “boring”, although this isn’t an entirely accurate reflection. Trading the USD/JPYThe JPY is highly regarded as a safe haven currency, with investors often increasing their exposure following periods of uncertainty or market-induced fallouts.As both the US and Japan are highly developed economies, there are several key factors affecting the value of either currencies. This includes a range of economic indicators such as gross domestic product (GDP) growth, inflation, interest rates and unemployment data. Monetary policy by the US Federal Reserve and Bank of Japan are also large determinants in the value of each currency.
Read this Term
the pair has been trading above and below its 100 hour moving average at 122.539. The price is back above that level currently trading at 122.74.

If the price can stay above that moving average, a move toward the underside of the broken trendline would be eyed at 123.10 area. That level is also where swing highs and lows occurred over the last five trading days (see blue numbered circles). The price has been able to stay below that broken trendline on corrections over the last two trading days (see red numbered circles).

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Conversely it would now take a move back below the 100 hour moving average to disappoint the buyers. A move below should see the buyers turned to sellers, and a rotation back down toward the 200 hour moving average at 122.05..

The price fell below the 200 hour moving yesterday, but moved back above the level in the Asian session today on its way to the upside.

USDJPY

USDJPY trades back above its 100 hour moving average
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A.R Chowdhury

A.R Chowdhury

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