Forex: USD/JPY lingers above 78.00

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FXstreet.com (Córdoba) - USD/JPY fluctuated wildly in a 100-pip range in the minutes that followed the US nonfarm payrolls reports. As the US economy added fewer jobs than expected in May, prospects of further quantitative easing reemerged causing volatility in the dollar.

However, after the initial reaction, where USD/JPY went down to 77.65 and then up to 78.68, the pair has settled inside a slim range just above the 78.00 mark. At time of writing, the cross is trading at the 78.10/20 area, still down 0.2% on the day.

Similar behavior shows EUR/JPY, which fell to its lowest level in 12 years at 95.56, before bouncing strongly. Currently, the euro-yen cross trades at 96.75, virtually unchanged on the day.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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