FXStreet (Córdoba) – USD/JPY continues to trade near daily lows as disappointing US jobs and factory orders data weighed on the greenback at the beginning of the New York session.

USD/JPY fell sharply on the back of disappointing nonfarm payrolls figures and remained near lows, although the 122.95 area lend support and confined the pair to a phase of consolidation. At time of writing, the pair is trading at 123.10, little changed on the day, having scored a high of 123.70 minutes before the NFP release.

US data weighs on the dollar

On the data front, US economy created 223,000 new jobs in June (exp 230,000, prev 254,000). The unemployment rate edged lower to 5.3% from 5.5% the previous month but wages were flat and the participation fell. Factory orders fell 1.0% in May, below a smaller decrease of 0.5% expected.

Overall, US data seemed little encouraging for those expecting the Fed to raise rates in September.

USD/JPY technical levels

In terms of technical levels, immediate supports are seen at 122.95 (Jul 2 low), 122.35 (Jul 1 low) and 122.00 (psychological level/50-day SMA). On the flip side, resistances could be found at 123.88 (Jun 26 closing price), 124.00 (psychological level) and 124.36 (Jun 24 high).

USD/JPY continues to trade near daily lows as disappointing US jobs and factory orders data weighed on the greenback at the beginning of the New York session.

(Market News Provided by FXstreet)

By FXOpen