USD/JPY spikes on strong nonfarm payrolls

USD/JPY rose over a hundred pips in a matter of minutes as investors cheered a rebound in US hiring following May’s weak data.

Nonfarm payrolls rose by a seasonally adjusted 287,000 in June, the Labor Department said Friday, marking the strongest level since October. Meanwhile, The unemployment rate rose to 4.9% in June from 4.7% in May.

USD/JPY reacted positively and climbed to a 2-day high of 101.27 as the knee-jerk reaction. It was trading around 100.20 before the data. At time of writing, the pair is at 101.03, recording a 0.27% gain on the day.