USD/JPY (current price: 103.58)
The Japanese Yen continued to lose ground against the Dollar towards the end of the week, as traders remained bearish on the safe-haven currency on speculation regarding more monetary stimulus by the BOJ. The Japanese Consumer Confidence Index came in at 42.4, slightly higher than expected, but still showing pessimism that continues to weigh on the retail sector. U.S. payrolls increased by 151,000, below the expected 180,000, as Hourly Earnings also disappointed, and the Unemployment Rate also ticked higher unexpectedly to 4.9%.
Our assessment: USD/JPY surpassed the 103.50 resistance and the 104 level on Friday, as the bullish week propelled the pair towards the crucial 105.50 support/resistance zone, after the re-test of the 100 level.
