USD/JPY is down and looking like testing the 101 level as the market gets a a little anxious ahead of the ADP jobs report at 13.15 gmt. The market is looking for 180k new jobs which is down from 238k in Dec.

Given how much of a miss it was to NFP I wouldn’t hold much sway in the correlation but rather judge it on it’s own merits. That’s not to say the market won’t be spooked if it’s massively below estimates.

ADP preview 05 02 2014