USD/JPY: Next Target Is Likely 126.40

Most traders tend to wait for the first Friday of the month with great trepidation, because that is when the US Non-farm Payrolls are released, and as we all know, that is one of the scheduled events that causes a lot of volatility on the market, and that means you can make significant profit if you know what you are doing. I confess I don’t always use this opportunity, because sometimes it causes the price to move too quickly in both directions to react on time, but other times it’s a perfect opportunity to trade.

Take a look at the screenshot to see the effect the NFP had on the USD/JPY pair today:

 As you can see, the USD/JPY has been in consolidation for the past few days, but once the NFP came out, it quickly moved to the upside again and climbed for a little over a 100 pips. I managed to make good use of it, and I hope many of you did as well.

Clearly the bullish trend will continue for now, and next week we can likely expect a new move to the upside, at least until the pair reaches target 126.40.