Low after jobs stalled near low for day and quickly reversed higher
The USDJPY - like other pairs - initially saw dollars selling after the jobs report. The low price reached 112.98 which was just above the low from the Asian session at 112.954. The price rotated back higher and in the process extended back above the 100 hour moving average at 113.232. That moving average was broken (to the upside) in the early European session and re tested later in the morning session (held on the first test). The 100 hour moving average is now a risk level for longs looking for more upside momentum in the pair.
The price is trading at a new session high at 113.60. The next target comes against the 38.2% retracement at 113.666. On Tuesday, the price spiked higher on the dollar buying but stalled near that retracement level before rotating back to the downside. Getting above the 38.2% retracement target and staying above would be needed to increase the bullish bias. The swing high for the week (on Monday) reached 113.95. That is right near the falling 200 hour moving average at 113.966. Getting above those levels (and the 50% midpoint at 114.019) is another key target area if the buyers are to take more control.
