The USDJPY fell below the 200 day MA but stalled after the jobs report
The USDJPY fell on the surprise (sort of) -701K decline in nonfarm payroll and rise in the unemployment rate (4.4%). That decline took the price below its 200 day moving average at 108.298. However, momentum could not be sustained and the prices since rebounded to a new intraday high at 108.667.
Technically the price is getting close to the swing highs from March 31 (the high on that day reach 108.707) and the 38.2% retracement at 108.729 (of the move down from March 26). The 100 hour moving average comes in at 108.813 and the 100 day moving average at 108.937 are other upside hurdles and key barometers for both the buyers and sellers. Find sellers against levels would keep a lid on the pair. Move above, and sellers will likely cover (stops).
