The USD has whipped around after the US jobs data

EURUSD:

In the first minute of trading after the US jobs report, the EURUSD traded a range of 1.0362 up to 1.0411.

Since then, the price moved to a low of 1.0348, and then bounced to a corrective high at 1.0376 and volatile trading.

Of significance technically in that corrective move higher is that 200-hour moving average comes in at 1.0376 equal to the corrective bounce level. That kept the sellers more in control. The current price is trading at 1.0356 which is now below the 100-hour moving average 1.03629.

So with the price low above the 100 and 200-hour moving averages the bias is tilting to the downside.

The next support target comes between 1.0330 and 1.0343 and would need to be broken to increase the bearish bias. Conversely, a move back above the 100 and 200-hour moving averages (above 1.0376), would tilt the buys back in the upward direction.

USDJPY:

The USDJPY reached a post-employment high at 152.45. The low reached 151.32.. Looking at the 4-hour chart, the low price reached the high of an old swing area between 151.198 and 151.32. Getting below that level would have traders looking toward the recent low price of 150.952 the Asian session today.

On the topside, the 100 and 200 day moving averages remains as the key barometer not only today but going forward. The 100-day moving average comes in at 152.60. The 200-day comes in at 152.73. As mentioned, the high price reached 152.45 within 15 pips of the lower of those moving averages. Staying below those moving averages keeps the sellers more in control.

This article was written by Greg Michalowski at www.forexlive.com.