Jun 06 2020
USD / JPY Forecast: the Dollar Completes the Resumption of the Pandemic
The violent changes inflicted on the currency markets by the advent of the coronavirus pandemic caused the USD / JPY to drop 10% in two weeks from February 19 to March 9 and then immediately reversed into a 10 increase % over the next two weeks through March 24, ended Friday with the pair at 109.60 points only since its inception in February. Nonfarm payroll added 2,509 million jobs in May after a loss of 20,687 million in April. The 10.5 million fluctuations in the consensus estimate of -8 million are the largest in payroll history. The unemployment rate fell to 13.3% from 14.7%, reversing the forecast of 19.8%. Monday's rise (1/6) accelerated as the USD / JPY approached, then crossed the resistance line of 108.00 which had been intact on the daily and hourly charts since mid-April.