USD/JPY rises to new 24-year highs after jobs wobble

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USD/JPY rises to new 24-year highs after jobs wobble

<p>The market is still sorting through the <a href="https://www.forexlive.com/news/us-august-non-farm-payrolls-315k-vs-300k-expected-20220902/" target="_blank">August non-farm payrolls </a>report.</p><p>The intial reaction was to sell the US dollar -- likely on the higher unemployment rate -- but that has moderated and even reversed on some fronts. USD/JPY touched a new 24-year high in the past few minutes.</p><p>The one-minute chart highlights the volatility:</p><p>I wrote this with the jobs data, regarding the dollar reaction:</p><blockquote>I'm a bit surprised by the reaction because this is generally good news
for the economy and if I was an FOMC member, this would make me feel a
bit more comfortable about hiking by 75 bps, though the implied
probability is still at 75.0%.</blockquote><p>The main number the Fed will be watching ahead of the Sept 21 FOMC is the CPI report on Sept 13. The plunge in gasoline prices has been constructive and other elements like used cars and airline/hotel fares are also negative.</p><p>Stepping back, there have been some big dollar moves this week and we're still dealing with the turn of the calendar. Monday is a US holiday and there's stil lgreat uncertainty in Europe and China.</p>

This article was written by Adam Button at www.forexlive.com.

Source: USD/JPY rises to new 24-year highs after jobs wobble

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