The USDJPY had a more violent reaction off the headline – moving below the trend line, 100 hour MA and 38.2% retracement (at 1, 2, and 3 in the chart below). However, the price has now rebounded back above these levels on skepticism from the numbers. With the price above the 100 hour MA again, I will be eyeing this level now for signs of support (the bulls are still hanging on to control), but understand that the “market” is still struggling with the weak number and what to make of it. I will be watching 100 hour MA to see if the buyers come in. ON a break back below, I will not be “so in love with bullish bias”….. It is a traders market with up and down flows.
Technical Analysis: USDJPY moves quickly lower and quickly back higher. Watching 100 hour MA now for support. CARE though.
