...but stays below week highs
The USDJPY has moved higher after the stronger-than-expected US jobs report (sans the wages that is). The pair has some positives (bullishness), but it still has some more work to do to get in more clear sailing.
Looking at the 4-hour chart, The low today bottomed at the 100 bar moving average on the four-hour chart. Bullish. The low also held a lower trend line. Bullish. So there are some bullish tendencies that were proved at the lows for the day.
After the report, the price moved above the 113.87 trend line connecting recent weeks highs on the 4-hour chart above. That is close support and the market is trying to hold that line.
The work to do comes against the highs for the week. The pair has not been able to get above the high from yesterday at 114.26 nor the high from Wednesday at 114.548. Today's high price could only get to 114.20 before rotating back down.
So stay above the broken trend line is the best for the bulls. A move below simply muddies the water for the pair. The close from yesterday was 113.67.
If I told 100 traders there would be 240K+ and 30K revision to NFP, and then asked "would the USDJPY be lower or higher on the day?", how many would say lower? We are not that far away from that if it breaks.
Ah the forex market and the pain from the unemployment day.
