On Friday US dollar lost ground against the Japanese yen, as US currency was pressured down in expectation of the employment report from the United States. Some experts projected that it will show a slow down in the number of jobs added, as such possible result could postpone expectations that the Federal Reserve Bank will embark on a reduction of scale of easing later this year.
USD/JPY dropped as low as 95.54 during early European trade, session low and lowest since April 4th, after which consolidation followed at 96.80. Support was expected at March 15th low, 95.07, while resistance was to be met at May 2nd high, 98.39.
US dollar was broadly shorted on Friday, as markets began focusing on the employment in non-farm sector report, due to be released later today. Yesterday the Department of Labor said the number of people in the United States who filed for unemployment assistance last week fell by 11,000 to 346,000. Projections showed a number of 345 000. Initial Jobless Claims were revised up to 357 000 during last week, from a previous number of 354 000.
Meanwhile, Japanese yen went to higher levels versus the euro as well, with EUR/JPY down by 0.09% to 128.34.
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