December 1, 2022

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USDJPY moves back above 110.00 after stronger jobs report

2 min read

US as over 1 million jobs

The USDJPY has moved back above the 110.00 level after the stronger jobs report in the US added over 1 million jobs in July (with the headline and revisions). The unemployment rates fell sharply. The wage gains were stronger than expected.

The USDJPY is trading at a new high at 110.15 and is back above the 110.00 level.  The pair looks to toward the July 28 high which came in at 110.277.  Above that, and traders will look toward the 110.38 to 110.42 swing area, and the July 23 high at 110.588. 

Close risk will be eyed near the110.00. There is a swing area between 109.971 and 110.027. That area should now hold support. 

Also the 61.8% retracement at 109.873 saw traders take the price up earlier today, find sellers before an above through the jobs report. Traders should remember that level as well and look to lean against it (risk defining level).  Move below and something else is going on that is unexpected (like a crash in stocks).  

Looking at the daily chart, the price moved back above the 100 day moving average yesterday at 109.601. The price is moving back toward the midpoint of the move down from the July high. That comes in at 110.184. Get above that level would have traders looking toward 110.58 high from July 23, and above that a swing area between 110.96 and 111.11 (swing highs from March and June).  There is room to the upside if the dollar bulls really start to grab the control even more (watch US rates for the clue).

USDJPY on the daily chart

Market update at 9:13:

  • Dow +89 points
  • S&P +1.5 points
  • NASDAQ -69 points
  • Spot gold $-30 at $1774
  • 10 yield 1.280%
  • WTI crude oil up $0.50 and $69.63

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