Observing market action from the sideline has its benefits of being able to clearly see through the market's price volatility and investors market sentiments. The main market drivers can only be summarized into two segments, namely ECB Mario Draghi's rate cut decision and the much better than expected Non-Farm Payrolls report.
These two factors have contributed much of the market's price action where we have seen in the past, where a struggling battle between long and shorts positions before and after the data were released can be seen. Particularly with the USDJPY currency pair. With all said and done, price behavior from recent market squeeze and pricemovement, we have finally seen prices tamed with the USD continuing to dominate the overall trend moving higher from its previous key suppport levels identified @78.80 basis point. Especially so, when the DXY registered nearest to this support @78.93 basis point.
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CCy Insight & Price Behavior: USDJPY
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