US Labor Market Weakens as Job Openings Plummet.
TL;DR Summary
USD/JPY fell by 0.7% to 136.55, erasing most of the previous session's gains, due to falling U.S. bond rates following disappointing U.S. job openings data for March. The softening labor market may reduce pressure on inflation and the need to keep interest rates "high for longer" to restore price stability, which would benefit the Japanese yen. The Fed's policy decision on Wednesday will be closely watched, with expectations of a 25 basis point interest rate hike, but no consensus on what forward-guidance will look like. Technical analysis shows initial support at 135.00, followed by 133.85, while resistance lies at 136.60, 137.75/138.00, and 140.00.
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