Most of the majors are unchanged this morning from NY Friday closing levels during early interbank trade. We saw a decent improvement in US payroll figures on Friday with EUR/USD falling well over 200 pips, USD/JPY rising over 200 and other pairs like the AUD/USD and NZD/USD remaining basically unchanged. In my opinion, the most important of these moves is the USD/JPY. JPY crosses have maintained their levels and, after the good number and improved sentiment around the markets, they are likely to stay well bid. In other words, the EUR/USD dip might be an excellent buying opportunity but the USD/JPY rally might well have another 400/500 pips to run.
Lets see how it unfolds. Have a great week.
