Quick reminder about the NFP data being released later today. This will have a direct effect on USD/JPY, in fact, USD/JPY is the best pair to trade for this event.
I NEVER trade the "news" but just letting you all know that we will see some sort of impact later today.
NFP: USD/JPY
Better Than Expected: BUY
Worse Than Expected: SELL
NFP: EUR/USD
Better Than Expected: SELL
Worse Than Expected: BUY
With that being said, we actually had bad numbers earlier this week with the ADP NFP release so I am expecting to see similar results later on. So don't open all of your USD/JPY LONG positions yet. Wait for a potential sell off which will be short lived.
As for the cross pairs, they don't tend to have that much of a reaction but if we see a quick sell off I will definitely look to add more LONGS!
I NEVER trade the "news" but just letting you all know that we will see some sort of impact later today.
NFP: USD/JPY
Better Than Expected: BUY
Worse Than Expected: SELL
NFP: EUR/USD
Better Than Expected: SELL
Worse Than Expected: BUY
With that being said, we actually had bad numbers earlier this week with the ADP NFP release so I am expecting to see similar results later on. So don't open all of your USD/JPY LONG positions yet. Wait for a potential sell off which will be short lived.
As for the cross pairs, they don't tend to have that much of a reaction but if we see a quick sell off I will definitely look to add more LONGS!