Initial spike higher, finds sellers. Bond yield are lower...really?
The US employment report rebounded to 211K from a revised 79K last month (was 98K). The Unemployment rate fell to 4.4%. Good report.
We saw a quick rise in the USDJPY but are now seeing the price back down from whence it came. US yields are also lower with the 10 year moving down a bp or two.
Technically, for the USDJPY, the price moved up to the old trend line resistance level at 112.72. Late on Wednesday, that line was broken to the upside. Later the price moved back below. In the early Asian session, the old line was also tested and held.
On the downside, the 100 hour MA becomes a level to eye for more bearish clues. It comes in at 112.26 and although we have traded below that MA in the Asian/London session, there has not been a convincing close below the line.
So the narrow battle lines are drawn with the 100 hour MA below at 112.26 and the trend line above at 112.72 defining the key risk defining extremes.
Seemed like a good report but not enough to get the markets undivided bullish attention.
In other markets, the Nasdaq futures are now up 10.50 points after being near unchanged. The S&P futures are also higher at +4.0 points (was +0.75 points earlier today).
Gold is down to +$2.30 vs +$5.00 earlier.