It took a while longer than anticipate, but momentum for USD/JPY finally exploded higher on Friday following the strong US employment report. A double bottom formed around 146, and it is around 2/3rds of the way to the 150 target. This makes the reward to risk ratio for bulls a little tricky but not impossible. From here, any retracement within Friday’s range would be appreciated to increase the potential reward to risk ratio for bulls, although it is hard to envisage a strong retracement without some unexpected news arriving. Still, eve a period of consolidation could help with a case for a tighter stop. But with ... (full story)