USD/JPY trades with a surprisingly soft tone in early US dealing despite a continued rise in US interest rates. The two-year note is at 1.13% this morning after Friday’s upbeat employment report. The total number of non-farm jobs was a slight disappointment but the fact that much of the job growth was concentrated in the private-sector rather than in temporary census jobs.
Modest support for USD/JPY lies in the 94.30/35 area while better support is down at 94.05. Options-related offers lies in front of 95.00 where barrier options are eyed.
