[April 8] The USDJPY rebounded from the low of Thursday to the upper end of the 151.5 -152.0 range, driven by positive employment data

2024.04.08 [April 8] The USDJPY rebounded from the low of Thursday to the upper end of the 151.5 -152.0 range, driven by positive employment data

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Recap of previous trading day (April 5)

On Friday of last week, the USDJPY reversed after touching a low of 150.81 in the morning, and recovered to break above the 151-yen level during London trading hours.

After the announcement of the U.S. employment figures at GMT 12:30, which were better than expected, the yen had reached a high of 151.75 by around GMT 13:00.

Recap of the Tokyo market and outlook going forward

Today, the USDJPY began the week by opening at 151.56 and then rising little by little until by around GMT 03:30 it was trading in the region of 151.70.

Looking at the 1-hour chart of the USDJPY (as of GMT 07:45 on April 8), the price seems to be on a Bollinger Band walk between the +1 and +2 SD bands, which suggests stronger buying than selling going forward.

We could also very quickly see the price testing the recent high of 151.95 yen.