The Fed might tighten on Friday (just kidding).
In the old days the Fed could and would conduct monetary policy at any time. No transparency. No moving on meeting days with a press conference. Heck, there was no press conferences. Traders could be at there desk, and at 8:43 AM (or any random time), there could be an announcement. FED HIKES THE OVERNIGHT RATE TO __________.
If the US jobs picture on Friday shows near 300K, Friday might have been one of those days when the Fed would just come in and tighten. As it is, the odds of a Fed hike are now at 91%. I guess we have to see the number still. There still is a near 10% chance the Fed does nothing. Maybe the 297K is really 60K? HMMMMM.
As far as price action and technical tools, the number goosed the market . The USDJPY has moved above trend line on the daily at 114.45. That is risk now.
On the topside the 114.747 is the next target. That was the high from last Friday. Above that the 114.95 is the high from Feb 15. The 50% of the move down from the Jan high is at 115.09.
