Japanese Yen Finds Support After U.S. Jobs Data
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Some mixed jobs reported last week from the US made an interesting turn for the USD. As you know the ADP data was very strong, but then on Friday we got a miss for NFP, so USD finished the week higher. Normally strong move on Friday can resume into the same direction for Monday/Tuesday sessions, so ideally, US Dollar Index will stay in a downtrend, especially as a drop from the recent swing high looks impulsive, below the channel support line.
That being said, more weakness is in the cards, ideally for a 101.90 low from the end of June, so other currencies can do well, possibly even USD/JPY after some volatile moves on Friday. I see Yen futures at support after five down in C, so the market can be turning here, even if just temporarily for a three-wave rally.
