Reverses the strong gains from last month
The USD has moved lower after the weaker jobs report showed a gain of 235K jobs . The Dow is lower. The Nasdaq has moved marginally higher. US yields are lower.
The EURUSD moved up and is testing the high from the end of July at 1.1908. The price has moved above swing levels ahead of that high at 1.1892 to 1.1899. That will be a close support area now. Let’s say, if it can stay above, that is the best case scenario.
USDJPY moved below its 100 day moving average at 109.689, on its way to a low price 19.618. That was just above the swing low from Tuesday’s trade at 109.581. The price has moved back above its 100 day moving average and it seems that buyers are trying to lean against that level. Watch that level as a barometer for the day’s bias, move below is more bearish. Stay above and there could be some up-and-down price action with the 100 hour moving average near 109.983 as topside resistance.
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