Technically however, the low price today at 141.75, 10 apex of the low price from August 5 (that Nikkei -12.4% decline day), and buyers stepped in. The current price is trading at 142.43 on the bounce.
What next?
The high price today soon after the jobs report did see the price extend back above a swing area between 143.39 and 143.67. The high price reached 144.03, but momentum cannot be sustained. That area nevertheless represents a key upside target to get to and through on more momentum.
Conversely any break below the 141.678 level would have traders eyeing the low price from the first trading day of the calendar year at 140.80. Below that, and the 61.8% retracement of the move up from the January 2023 low comes in at 140.483 followed by the.end the December low is at 140.248.
Sellers are more in control below the 143.39 – 143.67 area.
This article was written by Greg Michalowski at www.forexlive.com.