You can't keep a good buck down
Not that I would expect one jobs report to sink USDJPY to new lows, what I did expect was the market to quickly overcome what some saw as a disappointing report.
Since some softness from the Asia open, USDJPY has dragged itself back higher to make new session highs at 103.43. The NFP lows, a prior S&R level marked the low in Asia too.
USDJPY H4 chart
With a potentially quite session ahead the recent levels will play a part in defining the ranges today. We'll hit resistance around 103.50 and then up towards the 103.90/95 area. Support will come in around 103.20/25 and then closer to 103.00.
For the slightly longer picture, we'll need to break through 104.00 meaningfully to see another leg higher.
