A few hours is a long time.

They say a week is a long time in politics, today a few hours was a long time in Forex. The initial reaction to today's NFP was dollar strength and a softening risk environment. But once the data had been digested,good news eventually became good news and the dollar softened against the 'risk' currencies with the S&P and NASDAQ recovering significantly. My current take is that the 'market' is presuming that higher bond yields is doing the feds job for them, therefore, more hikes won't be necessary. With all currencies performing well against the JPY today, this bodes well for my preferred 'risk on' short JPY trade. For now, today's USD JPY trade has been closed at break even ( to a avoid weekend risk) and we start fresh again on Monday. Weekly review to follow...have a great weekend!