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USDJPY Climbs On Better Than Expected US Non-Farm Payrolls

USDJPY Climbs On Better Than Expected US Non-Farm Payrolls

Tyler Amend,

Talking Points:

- USD Non-farm Payrolls beats analyst expectations.

- USDJPY breaks the 121.00 handle on positive US data.

US Non-farm payrolls beat analyst estimates of 230K with a headline reading of 321K. The prior reading of 214K was revised hirer to 243K as the damage of unseasonally inclement weather in October and November was assessed. The private services sector had the largest increase in employment, which is inline with US ISM Non-Manufacturing data released Wednesday that stated the US services industry is currently performing at near record highs. As the United States retail industry prepares for the busy holiday season, market praticipants can expect a large increase in part time temporary employment. This usually creates inflated jobs numbers for November and December and will largely consolidate in January after the holiday rush is over.

See the DailyFX economic calendar for next week's important events.

US Data that was responsible for US Dollar price action:

-USD Change in Nonfarm Payrolls (NOV): 321K versus 230K expected, from 214K (revised to 243K).

-USD Change in Private Payrolls (NOV): 314K versus 225K expected, from 209K (revised to 236K).

-USD Unemployment Rate (NOV): 5.8% versus 5.8% expected, from 5.8%.

-USD Underemployment Rate (NOV): 11.4% actual from 11.5%.

-0USD Trade Balance (OCT): -$43.4B versus -$41.2B expected, from -$43.0B (revised to -$43.6B).

USDJPY 1-minute Chart: December 5th, 2014 Intraday

USDJPY Climbs On Better Than Expected US Non-Farm Payrolls

Charts Created using Marketscopeprepared by Tyler Amend

USDJPY charged to a high of 121.389 as Dollar strength surged on strong Non-farm payrolls data out of the United States at 13:30 GMT. Current economic struggles in Japan coupled with falling global energy prices have provided little support for the Yen against the Dollar’s bullish onslaught. The pair has since moved sideways and is currently trading at 121.211 at the time of this report.

--- Written by Tyler Amend, DailyFX Research

Follow the DailyFX Team on Twitter at @DailyFXTeam

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.