Most research tells us that USD/JPY is the most volatile major immediately after the non-farm payrolls report. This volatility lasts the most up to four hours after the release with a negative surprise triggering a bigger market reaction than a positive one. The yen is sensitive to US treasury yields whereby increasing rates will push USD/JPY higher – meaning the yen has a negative correlation to those yields. We had previously highlighted the potential breakout to the upside due to the symmetrical triangle playing out. Today’s decent beats in the jobless numbers have pushed the pair above 110 and above the May high ... (full story)