Let the dust settled. Understand what is weak/strong. Key targets. Be careful.
On a strong number (>250, wages >0.3% and higher revisions)
- 123.743 - low before the close on Friday
- 123.986 - high from last Friday
- 124.18 - high from June 23
- 124.37 – high from June 24
On a weak number eye:
- 123.26 – 200 hour moving average (green line in the chart below).
- 123.15 – 50% retracement of the move down from the June 24 high to the June 30 low.
- 122.86 to 122.88 – broken 38.2% retracement and 100 hour moving average (blue line in the chart below).
- 122 58 – swing lows going back to earlier in June.
- 122.42 – low price going back to June 18.
Moves to the extremes would imply ranges of about 120 pips for the day. The average trading range for the dollar vs. yen over the last month is about hundred pips
