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USD/JPY Big Trade 02.05.2016 – Stopped
2/8 -- Order to BUY USD/JPY at 116.77 TRIGGERED
New USD/JPY Big Trade
Place Order to BUY USD/JPY at 116.77
Stop at 114.77
While non-farm payrolls rose by only 151K in the month of January, the sharp improvement in the unemployment rate, big jump in average hourly earnings and uptick in weekly hours along with the steady labor force participation rate should help the U.S. dollar recover part of its recent losses and lead investors to start thinking that another rate hike remains in play. USD/JPY is also deeply oversold and due for a retracement. Next week is light with regards to US data -- Yellen is speaking on Wed and given the sharp rise in wages, she may not sound as dovish as Dudley. The BoJ is also very uncomfortable with Yen near 116, so we could hear some jawboning over the weekend.