- US jobs report slightly beats expectations.
- The dollar rises throughout the market, driven by yields.
- USD/JPY one step away from having the highest weekly close since April 2002.
The USD/JPY jumped from 130.10 to 130.64, after the US employment report, reaching the highest level in three weeks. The pair remains in the area of ​​highs with a bullish tone.
The key factor was the end of several trading days for Treasury bond yields. After the employment data, the 10-year tranche of the US bond jumped from 2.92% to 2.98%, reaching the highest level since May 18. On that road she hit the yen.
The Japanese currency fell on almost all fronts after the data, due to what happened in the bond market, as stocks reacted lower. Wall Street futures are down 0.87% on average.
Nonfarm payrolls increased by 390,000 in May, beating the expectation of 325,000. The data showed the lowest rate of job creation since April 2021.
The dollar stronger after the data gives support to USD/JPY. The pair just extended weekly gains to almost 350 pips and if it asserts itself above 130.60 it would have the highest weekly close since 2002.
Technical levels
Source: Fx Street
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