EURJPY getting hit
The USDJPY and the JPY crosses are each getting hit after the weaker than expected US employment report. The US stocks are showing dislike with the S&P futures down about 13 points. The Nasdaq is down -26 points.
The USDJPY has moved to the underside of the broken trend line that stalled the fall yesterday too. It seems to be a line that traders like leaning against this week. The line was a resistance on Wednesday and early Thursday, before becoming support yesterday.
The EURJPY moved lower as well and took out the April lows. However, we are seeing a bounce bacK as the EURUSD bounces back higher in the last few minutes. Liquidity risk and event risk are still higher after the employment report, as traders wrestle with the numbers and the stock market wild card has yet to fully play out. S&P futures down 12 points.
Looking at the GBPJPY, the pair has pushed away from the 100 hour MA but is finding support near the lows against a lower channel trend line (see chart below).
