The jobs report Friday crushed expectations.

Following the report, the US dollar is rallying, as the yen and the euro are falling sharply against the dollar.

In early trade Friday, the yen broke through 121 against the dollar, a seven-year low for the currency, which has lost almost 50% of its value against the dollar in the past two years. 

Here's the chart.

And as the dollar is rallying against the yen, the euro was also dropping sharply against the dollar, falling to below $1.23, a multiyear low for the currency.

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