The Pavlovian reaction to the weaker jobs report was to the downside. That was followed by the QE story. Intervention chatter in the JPY sent the dollar higher. Now the pair is back at the post number high.
Looking at the hourly chart the price is breaking above trend line resistance at 1.2345. Stay above this break level, (down to 1.23365 which is the 100 bar on the 5 minute chart) and the bulls have taken some intraday control. The high for the day at 1.2367 is the next target. Above that the 1.23958 which is the 38.2% of the weeks trading range.
