has been moving up steadily today after touching its daily initial shadow.
and now moving towards my target price of 1.4633.
I will to close this position before I go to bed. Before that, let us have a quick review of the major economic news today: NFP.
May-2011 Non Farm Payroll
Consensus: 194k (revised to 161k after ADP NFP) Previous 244k
Actual: 54k
Unemployment Rate: 9.1%
The absolute number of unemployed increased fom 13.747 million to 13.914 million. For the third month in a row the Labor Force Participation rate remained flat at 64.2%.
What does it mean?
American employment situation collapse.
Not only NFP lower than previous month, it is also lower than forecast, lower than the LOWEST economist prediction of 65k.
What happened after this announcement?
5 mins after announcement, YM correct -103 pts.
5 mins after announcement, EUR/USD correct -60 pips.
5 mins after announcement, GBP/USD correct -50 pips.
Both GBP/USD and EUR/USD has covered the "damage", while YM is still trading steadily north to try to cover its earlier loss.
And....
The US dollar continue to devalue...
Next support: 73.60, possibly may test double bottom 72.86.
Related: http://ayumi216.blogspot.com/2011/06/packed-with-economic-data.html
Reading: http://www.zerohedge.com/article/may-non-farm-payrolls-54k-below-consensus-165000-unemployment-rate-91
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