It has been quite a volatile day in the currency markets. The initial reaction in the dollar after the March non-farm payrolls report was rather muted as the market tried to decide what to do with the mixed report.
Technical Currency Analyst Sam Shenker writes that the EUR/JPY currency pair is trading at the upper end of an ascending triangle, offering opportunities in both directions.
Overall, the report gives neither bulls nor bears a clear advantage. The dollar really needed a resoundingly strong report to reverse its recent weakness.
In the daily currency technicals, the euro falls back a bit, the Japanese yen goes nowhere, the British pound holds 1.7500, and the Swiss franc is back in range.
The US dollar has recovered nicely ahead of tomorrow's non-farm payrolls report. At a time when the market has been doubting the Federal Reserve's optimism, the dollar really needs a strong payrolls number in order to extend its current rally.
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