USD/JPY recovers after Friday's drop

Source: Dukascopy Bank SA


On Friday, May 7, the USD/JPY experiences a sharp drop at 12:30 GMT. The move was caused by the worse than forecast US labour data. The rate suffered a 81 pip drop. However, by the middle of Monday's trading hours, the pair had recovered back to the 109.00 level, where it encountered resistance.

If the rate fails to pass the resistance levels that surround the 109.00 level, it could decline to the 50.00% Fibonacci retracement level at 108.35. This level provided support on Friday.

On the other hand, a potential breaking of the 109.00 level and the simple moving averages above it could result in a surge to the 109.40 level.
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