US equities took a hit earlier in the session as the ADP report spoiled hopes for a strong employment report this Friday, at long last. Stocks are off their lows and are now down only 1.7 S&P points, a mere blip. A rebound in stocks will further underpin the resurgent EUR/JPY. 126.65 is next resistance for that cross.
An argument can be made that we’ve put in a head-and-shoulders bottom on the dailies, projecting gains toward 130.00 in the weeks ahead.
