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Forex Market UpdateUSDJPY gaps again in Asian open!
JPY strength continued through Asia, with little fixing demand from importers. Rumor of Yuan revaluation this week also put the JPY stronger against all major currencies.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€¢ Canadian unemployment rate April, 6.4% vs. 6.3% expected.
â€¢ Canadian net change in unemployment April, 22.0K vs. 15.0K.
â€¢ US change in nonfarm payrolls April, out at 138k vs. 200K expected.
â€¢ US unemployment rate April, out at 4.7% in line with expectations.
â€¢ US average hourly earnings (MoM) April, 0.5% vs. 0.3% expected.
â€¢ US consumer credit March, out at $2.5B vs. $4.1B expected.
â€¢ Australian retail sales March, out at 0.3% vs. 0.4% expected.
â€¢ Australian retail sales ex inflation (QoQ) Q1, out at 1.7% vs. 1.3% expected.
â€¢ ANZ job advertisements April, out at -5.0% vs. a prior reading of 2.0%.
â€¢ New Zealand labor cost private sector (QoQ) Q1, out at 0.7% in line with expectations.
THEMES TO WATCH â€“ UPCOMING SESSION
US non farm Friday came out lower then expected which send USDJPY to new lows. This continued with the pair opening gap down in Asia. There is a lot of news out that could send USDJPY for a roller coaster ride in the upcoming week. As mentioned in the headline there is rumors of a Yuan revaluation this week. At the same time there is talk of US treasuryâ€™s discontent over the JPY move after G7. Also the constant comments from various BoJ and MoF members to help delay JPY strength has not convinced the market and we look for a possible break of 111.00 in USDJPY this week which put the pair on track for a 109.00 target further out.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
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