USDJPY - Sit down, nicely and calmly
-The USDJPY raced higher on Friday after the better than expected jobs report with the high reaching 110.35. That was just short of a swing area near the end of July extreme between 110.38 and 110.42.
-The inability to extend above that level in the early Asian session, has led to a wandering to the downside today. The London morning session low reached 110.038.
-Staying above that area today will keep the buyers more in control, while a move below would likely lead to more downside probing. The next targets would look toward 109.907 (high from July 30), the 38.2% retracement of the move up from last week's low at 109.725, and the converged 100/200 hour MAs and the 100 day moving average or near 108.63.
-The inability to extend above that level in the early Asian session, has led to a wandering to the downside today. The London morning session low reached 110.038.
-Staying above that area today will keep the buyers more in control, while a move below would likely lead to more downside probing. The next targets would look toward 109.907 (high from July 30), the 38.2% retracement of the move up from last week's low at 109.725, and the converged 100/200 hour MAs and the 100 day moving average or near 108.63.
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