USD/JPY 15min chart 2/1/2013 10:35AM EST

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NFP Shake: The USD/JPY consolidated ahead of the NFP. The employment data for January came in at 157K, slightly disappointing, missing last month’s revised up 196K and but close to the 161K avg. forecast according to Forexfactory.com. As you can see in the 15-min chart. There is a dip below the the consolidation support, and 92.00 psychological handle, However, this dip was short-lived before a rally pushed through a new high on the day.

Bullish continuation? So far, it appears the bulls have regained control after the NFP shake. There is a little throwback as I wrap this up. I think the middle of that previous range around 92.10-92.15 is a key area. Staying above shows bullish control, while breaking below shows continuing consolidation, which could be a prelude to some further bearish correction in the short-term.