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USD/JPY Trading Higher after US Jobs Data

The USD/JPY pushed above some common resistance in the 102.70-80 area and is now tagging the 103 handle, an hour after the generally positive US jobs data -though labor force participation rate was a blemish.

(usdjpy 4h chart, 5/2)

If USD/JPY continues to push higher above 103, the bullish outlook has 103.75 and 104.12 in sight. This bullish outlook would be within the context of a consolidation seen in the daily chart.

(usdjpy daily chart, 5/2)

If the market fails to push above 103, and USD/JPY falls below 102.40, it would be a full reversal of the NFP reaction, and thus introduces a short-term bearish outlook first to 102. Below that we have the 101.20-101.31 support area in sight, before further downside risk towards the 2014-low of 100.75.