UJPY - Did The Creation Of More Than Half A Million Jobs Snuff Out The Dollar's Upside Correction?

• The second consecutive disappointing US jobs report stopped the dollar bounce cold. The question is whether that means that the greenback's downtrend, seen in April and May, will resume.
• The momentum indicators of the dollar had become stretched. Nevertheless, they seem to favor a continued upside correction for the dollar.
• The dollar index peak before the jobs data was a little shy of the (61.8%) retracement of May's decline, and the sell-off after the disappointment took it to nearly the (61.8%) retracement of bounce from the June 1 low near 90.00.

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