USD/JPY reveals pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The US Bureau of Labor Statistics has published the monthly employment data. Released data has shown a major increase in unemployment. The US Dollar index reacted to the news by sharply declining.

Average Hourly Earnings were forecast to show a monthly increase of 0.3%. The actual income change is just 0.2%. Non-Farm Employment Change was expected to show a reading of 176,000 new jobs. The reality is that only 114,000 new jobs have been created. Market consensus was that the Unemployment Rate would be at 4.1%. Released number shows unemployment at 4.3%.

The USD/JPY declined and with it confirmed the existence of a channel down pattern that has been guiding the rate down. Friday's trading ended in the middle of the pattern, near the 147.00 mark.

A continuation of the decline appears to have no support as low s the 145.00 mark and the lower trend line of the channel pattern.

However, a potential recovery of the US Dollar against the Yen is set to face the descending upper trend line of the channel pattern. In addition, note that the USD/JPY keeps respecting round exchange rate levels.
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