- US payrolls beat expectations in July.
- Japanese yen falls sharply as US yields soar.
- EUR/JPY rebounds over 400 points from weekly lows.
The EUR/JPY pair jumped on the release of a better-than-expected US jobs report. The cross rose to 137.75, reaching the highest level in a week. It is hovering around 137.50, holding strong holdings.
Since the weekly low, the EUR/JPY has gained more than 400 points. The strong rebound weakened the negative outlook for the pair. To the upside, the next key resistance is at 137.90, the 20-week moving average. A weekly close above that level should open the doors to more gains.
On Friday, EUR/JPY rises for the fourth day in a row, boosting after the release of US employment data. They increased them by 528,000 above the 250,000 expected. The figures triggered a decline in Treasury securities that weighed on the yen.
The Japanese currency fell across the board, even as share prices on Wall Street fell, hit by rising US yields. The 10-year US Treasury bond yield rose from 2.70% to 2.84%
EUR/JPY’s rally on Friday is being fueled by yen weakness. EUR/USD fell after the NFPs, falling from 1.0220 to levels below 1.0150. At the same time, USD/JPY jumped from 133.20 to 135.35.
Technical levels
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
