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Upside surprises

Upside surprises | 07 February 2022

07 February 2022, USD/JPY

USDJPY trading plan:

The U.S. economy added 467,000 jobs in January, well ahead of the consensus estimate of 125,000. Wage pressures continued to make themselves felt. Average hourly earnings rose to 5.7% year over year versus expectations of 5.2%. The unemployment rate ticked up from 3.9% to 4.0% but for the right reason as more workers joined the labor force. The labor force participation rate climbed a solid 0.3% to 62.2%, the best number since the recession but still well below the pre-pandemic peak. Upside surprises in both job creation and wage growth likely keep the Fed on track to begin raising rates in March and potentially hike four or more times this year. This is a positive signal for the dollar.

Investment idea: buy 115.15 and take profit 115.75.

David Johnson
Analyst of «FreshForex» company
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