Post ISM thoughts.

Last month, a soft ISM reading was the first domino of the 'panic selling'.

Is the same about to happen following today's softer than forecast number? The initial reaction suggests maybe. But with AUD JPY currently approaching 4hr (and daily) support. Any thoughts of a 'risk off' trade are out on hold for now. But if that support breaks later today, we could see a (brief) period where the JPY becomes longable in the run up to NFP.

So, for now, it's once again a case of wait and see.

Feel free to email any questions: johnelfedforexblog@gmail.com