The high since end of May is up at 109.723. High today reached 109.69
The US jobs report was not good enough today to shove the USDJPY above its December swing highs (highest high at 109.723). At least for now that is…..
The price has rotated lower after the report moving to a post release low of 109.49. However, the price has move back higher and currently trades at 109.63.
Does the miss, put a lid on the pair against the old highs?
That is what traders will be wondering. I would expect that risk focused traders would lean against the December high with stops on a break above. It just makes sense for a low risk trade.
On the downside looking at the daily chart above, the broken trendline comes in around the 109.50 level (note the low after the report was at 109.49). If the price can move below that level (and stay below), there should be more probing to the downside. The