An opinion by ZeroHedge on this morning’s payroll report caught my attention. They opine, “The most obvious reaction to the "great" drop in the unemployment rate and "huge miss" in payrolls is a rise (yes rise) in rate-hike odds for 2016. This appears to be why the Dollar is spiking and bonds, stocks, crude, gold and everything else is being sold...”

Unfortunately the USD retracement is losing momentum at 97.24, just above mid-Cycle support/resistance at 96.99.

However, the Yen just climbed above its Cycle Top at 85.12 and challenged the Lip of its Cup with Handle formation at 86.06. The Yen has quite a set of targets at the breakout, so this is the preferred trade at the moment.

The USD will have its turn after the correction down to 92.00 or possibly lower. In the meantime, pity the poor longs!

Regards,

Tony

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