- USD/JPY was heavily sold-off into poor US NFP data released last Friday.
- U.S. non-farm payroll data on Friday showed U.S. employers added only 38,000 jobs in May, far below expectations of 164,000.
- USD/JPY plummeted nearly 250 pips last Friday, extended decline to hit 4-week low of 106.35 on Monday.
- The pair is attempting a minor recovery, edged above the 107 handle, but is struggling to hold gains.
- The pair was rejected at highs by 107.18 and is currently trading around 106.96 levels.
- Cloud weighs heavily on the upside, technical indicators maintain their sharp bearish slopes.
- Following Friday’s NFP disaster, focus remains Fed Chair Yellen’s speech for a fresh take on the US interest rates policy.
- Immediate support and resistance are seen at 106.24 (May 4th lows) and 108.51 (5-DMA).
The material has been provided by InstaForex Company – www.instaforex.com