EUR/JPY strengthens on U.S. labour data

Today EUR/JPY appreciates from a 128.00 benchmark on the U.S. unemployment data, which indicated a positive improvement in the U.S. labour market. Investors assume that a higher rate of employed people allows to reach a faster economic expansion, which is tightly correlated with a bigger appetite for risk. However, yesterday's news from the ECB contradict with today's data, thus it is hard to say with direction will prevail next week.

Bulls lost even bigger market share since yesterday, as the buy side contracted by 4% to 40%. Pending orders market is opposite to the spot, since 60% of placed orders are ready to be opened as long positions.