• USD/JPY slipped lower on Friday as the dollar dipped after data showed U.S. job growth slowed more than expected in January after strong gains in previous months.
• Nonfarm payrolls increased by 143,000 jobs in January, following an upwardly revised 307,000 rise in December, according to the Labor Department's Bureau of Labor Statistics.
• The Labor Department's employment report also showed strong wage growth, with average hourly earnings surging, helping to support consumer spending. The resilience of the labor market remains a key driver of economic expansion.
• At GMT 15:07, the pair was trading down 0.02 % at 151.31 .
• Technical signals are strongly bearish as RSI is at 31, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 152.28 (38.2%fib), any close above will push the pair towards 152.82 (Feb 6th high).
• Support is seen at 150.87(23.6%fib) and break below could take the pair towards 150.00 (Psychological level)
Recommendation: Good to sell around 151.50, with stop loss of 152.20 and target price of 150.20
