USD/JPY eases from multi-week top, bullish potential intact amid post-NFP USD strength – by hareshmenghani USDJPY BOJ Fed NFP Currencies
nday. The pair is currently placed just below the 132.00 mark, still up over 0.50% for the day, and seems poised to appreciate further.
The prevalent risk-off environment - as depicted by a generally weaker tone around the equity markets - underpins the safe-haven Japanese Yen and acts as a headwind for the USD/JPY pair. That said, reports that Bank of Japan Deputy Governor Masayoshi Amamiya - an advocate of ultra-loose policy - will take over as the governor might keep a lid on any further gains for the JPY.
The US monthly jobs report released on Friday showed that the economy added 517K jobs in January, beating consensus estimates by a big margin. Furthermore, theunexpectedly fell to edged down to 3.4%, or the lowest since May 1969. Average Hourly Earnings, meanwhile, rose 0.3% MoM and 4.4% over the past 12 months, down from 0.4% in December and 4.9%, respectively.
The fundamental backdrop seems tilted in favour of bullish traders, suggesting that any meaningful dip could now be seen as buying opportunity and is more likely to remain limited. In the absence of any relevant market-moving economic releases from the US on Monday, the US bond yields will continue to play a key role in influencing the USD price dynamics.
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