If it’s volatility you’re after….

USD/JPY took out stops below 95.75, traded to 95.58 and then gets paid at 96.75; definitely not for the faint hearted!

I still prefer the short side here but be ready for 200 pip swings either way and keep positions small and nimble.

  1. IMHO, risk is to the upside for USD because of very subdued expectations. But I know better not to trust my instinct on NFP days! I’ve exited all USD crosses as a result. Let’s see what happens…

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