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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Friday May 08 FX Market Wrap USDJPY in focus

Article By: ,  Financial Analyst
May 8, 2020 5:39 PM

Friday May 08 FX Market Wrap - USD/JPY in focus

Good afternoon, 

Friday May 08 FX Market Wrap - USD/JPY in focus

The US Dollar was bearish against most of its major pairs on Friday with the exception of the JPY. On the economic data front, Change in Nonfarm Payrolls fell to -20,500K on month in April (-22,000K expected), from a revised -870K in March, marking a record low. The Unemployment Rate jumped 14.7% on month in April (16.0% expected), from 4.4% in March, marking an all-time high. Wholesale Inventories fell 0.8% on month in the March final readings (-1.0% expected), compared to -1.0% in the March preliminary reading. On Monday, no major economic data is expected.                           

The Euro was bearish against most of its major pairs with the exception of the JPY and USD. In Europe, the German Federal Statistical Office has reported March trade balance at 17.4 billion euros surplus (vs 18.8 billion euros surplus expected).

The Australian dollar was bullish against most of its major pairs with the exception of the NZD.   


Regarding major FX pairs,

• EUR/USD was up 3pips to 1.0837 the day's range was 1.0815 - 1.0876 compared to 1.0767 - 1.0834 the previous session.

• GBP/USD rose 44pips to 1.2406 the day's range was 1.2355 - 1.2467 compared to 1.2266 - 1.2418 the previous session.

• USD/JPY gained 44pips to 106.72 the day's range was 106.22 - 106.74 compared to 105.99 - 106.66 the previous session.

• USD/CHF declined 20pips to 0.9711 the day's range was 0.9681 - 0.9739 compared to 0.9729 - 0.9784 the previous session.

• AUD/USD jumped 34pips to 0.6529 the day's range was 0.6493 - 0.6548 compared to 0.6379 - 0.6506 the previous session.

• USD/CAD fell 47pips to 1.3926 the day's range was 1.3909 - 1.3996 compared to 1.3953 - 1.4173 the previous session.

• The dollar index slipped 0.11pt to 99.781 the day's range was 99.456 - 99.944 compared to 99.812 - 100.401 the previous session.


FX pair in focus,

Not a widely volatile session on Friday. The USD/JPY pair recently broke above a declining trend line after confirming a triangle bottom pattern on a 60-min chart. Look for a continuation higher to the next major resistance level near 106.95 as long as the pair can hold above 106.45 support.



Source: GAIN Capital, TradingView


Have a great weekend.

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