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USD/JPY Shoots Higher on Strong US Economic Reports
The USD/JPY was up sharply on the day following the release of better than expected private job numbers and non-manufacturing PMI. For the past two out of three days, the USD/JPY has climbed, coming off of a two month low to now trade at a two week high. Traders have become bullish on the greenback with the stream of positive economic data coming from the States.
Yesterday the USD/JPY finished the day at 83.25 from 81.93. This is the pair's highest close since mid-December when the pair began a continuation of the sharp downtrend.
No economic data is due out from Japan until next week so the yen will be susceptible to events and data coming from the US and Europe. Traders should be eyeing both Thursday and Friday's US employment data as high impact events.
Should the bullish correction continue, the next resistance level for the USD/JPY rests at the mid-December high of 84.50.
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