Yen's post Bank of Japan meeting weakness remains the general theme today as USD/JPY jumps to a three and a half year high of 97.19 and took out the 96.70 resistance to resume the recent uptrend. AUD/JPY also jumped sharply and broke the 100 psychological level to resume the larger up trend. Solid strength is also seen in EUR/JPY and GBP/JPY and they should take on recent resistance levels of 127.70 and 147.97 soon. Investor George Soros warned that if the Japanese realize that the yen's decline is liable to continue, they will want to move their money abroad and this may "become like an avalanche". Meanwhile, Bill Gross said that much more depreciation of the yen is needed "in order to get even close to 2% inflation". A key factor to watch is whether today's non-farm payroll report will trigger a steeper rally in USD/JPY which would then bring other yen crosses higher as well. In other news, Canadian job data will also be a major focus. It’s expected to rise 9,000 in March while the unemployment rate is expected to be unchanged at 7%. Other data to be watched today includes Eurozone retail sales, Swiss Forex reserves, German factory orders, Canadian and US trade balances and Canadian Ivey PMI.

1. Daily Forex News April 5th 2013
FCTOFX: Yen's post Bank of Japan meeting weakness remains the general
theme today as USD/JPY jumps to a three and a half year high of 97.19 and
took out the 96.70 resistance to resume the recent uptrend. AUD/JPY also
jumped sharply and broke the 100 psychological level to resume the larger
up trend. Solid strength is also seen in EUR/JPY and GBP/JPY and they should
take on recent resistance levels of 127.70 and 147.97 soon. Investor George
Soros warned that if the Japanese realize that the yen's decline is liable to
continue, they will want to move their money abroad and this may "become
like an avalanche". Meanwhile, Bill Gross said that much more depreciation
of the yen is needed "in order to get even close to 2% inflation". A key factor
to watch is whether today's non-farm payroll report will trigger a steeper
rally in USD/JPY which would then bring other yen crosses higher as well.
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2. Daily Forex News April 5th 2013
While the Euro initially dipped against the dollar after the European Central
Bank left rates unchanged at 0.5% yesterday, the common currency staged a
quick and strong come back and is trading back above the 1.29 level. It's
believed a key factor in driving the Euro higher was Draghi's strong emphasis
on keeping the Euro. Draghi said that some people have "vastly
underestimated what the euro means to the Europeans" and "vastly
underestimated the amount of political capital that has been invested in the
euro." He strongly stated that there is "no plan B". Another factor was ECB
executive board member Coeure's comment that shared Eurozone debt is a
good objective.
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3. Daily Forex News April 5th 2013
Looking ahead, employment data from the US will be the main focus today.
Economists are expecting a 190,000 growth in the non-farm payroll in March
with the unemployment rate unchanged at 7.7%. The ADP employment
report released on Wednesday missed expectation and showed only a
158,000 growth. While the ISM manufacturing index also missed
expectations, the employment component jumped sharply to 54.2 in March:
the highest level since last June. However, the employment component of
ISM services dropped sharply to 53.3, down from 57.2 in February and hit the
lowest level since November. It's hard to predict whether the figure today
will give us a surprise. But overall, we'd tend to go long USD/JPY if the Non
Farm Payroll beats expectation today and would avoid dollar should it miss.
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4. Daily Forex News April 5th 2013
In other news, Canadian job data will also be a major focus. It’s expected to
rise 9,000 in March while the unemployment rate is expected to be
unchanged at 7%. Other data to be watched today includes Eurozone retail
sales, Swiss Forex reserves, German factory orders, Canadian and US trade
balances and Canadian Ivey PMI.
For a Free 30 Day Demo of our HFT Forex Trading Software: http://bit.ly/YeAJCu

5. Daily Forex News April 5th 2013
The new retail forex trading offering from Forex Currency Trading Online
Ltd., www.FCTOFX.com, has been developed out of the retail customer’s
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Our Forex trading software is designed to be fully automated; however our
team of expert traders and analysts monitor our systems 24 hours per day.
Giving you a highly profitable advantage over ever changing market
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For a Free 30 Day Demo of our HFT Forex Trading Software: http://bit.ly/YeAJCu

6. Daily Forex News April 5th 2013
The new retail forex trading offering from Forex Currency Trading Online
Ltd., www.FCTOFX.com, has been developed out of the retail customer’s
desire to profit from managed Forex trading, without having their capital
held, managed and controlled by an unknown or unregulated third-party.
Our Forex trading software is designed to be fully automated; however our
team of expert traders and analysts monitor our systems 24 hours per day.
Giving you a highly profitable advantage over ever changing market
conditions.
For More Information: www.FCTOFX.com
For a Free 30 Day Demo of our HFT Forex Trading Software: http://bit.ly/YeAJCu