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Market News USD/JPY falls to roughly 138.50 in response to Japan's employment report

USD/JPY falls to roughly 138.50 in response to Japan's employment report

USD/JPY has experienced a decline and is currently trading near 138.50 due to Japan's stable unemployment rate. The ratio of jobs to applications in Japan has increased from 1.27 to 1.29. The Fed's plan to reduce inflation has hampered economic growth prospects.

Alina Haynes
2022-08-30
397

 截屏2022-08-30 上午10.07.20.png

 

The USD/JPY pair is experiencing a sharp decline following the release of Japanese employment data. The asset has broken below the consolidation range formed between 138.62 and 138.85. The major is falling sharply at 138.27 and may exhibit further losses if it breaches the critical support.

 

According to the Japan Statistics Bureau, the Unemployment Rate has stayed steady at 2.6%. While the Jobs-to-Applications ratio has increased significantly to 1.29 compared to estimates and the previous release of 1.27, this improvement is not statistically significant. Nonetheless, there is no doubting that job data has remained positive, and yen bulls are profiting accordingly.

 

After reaching a new 20-year high of 109.40 on Monday, the US dollar index (DXY) has now entered a period of adjustment. Prior to this, the asset stayed in the hands of bulls following Federal Reserve (Fed) head Jerome Powell's preference for a hawkish approach on interest rate guidance despite a decline in US economic activity.

 

The Fed's remarks at the Jackson Hole Economic Symposium emphasized that investors should brace themselves for the continuation of the rising interest rate cycle, as achieving price stability is the top objective. The current inflation rate is 8.5%, and households are facing the headwinds of increasing payments for repeated purchases of comparable quantities. Therefore, the economic activities of the United States must keep their patience for a recovery.


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