Greetings, Everyone for a Quick Update to our Pound Yen Post from 1:15 GMT!

( The original Post is Below… )

We look to an Hourly Double-Bottom Formation that has Negated our Initial Bear Flag, as Price Breaks the Flag into Appreciation.

Here is the current Hourly Capture, so give it a Click… and Post-Time is 6:50 GMT.

We will continue to check with this Cross throughout the Day, and I will be back with you just prior to NFP, where we will check the Majors and see where our Consolidation from the “Currency Majors Technical Perspective” Report has progressed!

Greetings for a Brief Update ahead of NFP in under 12 Hours!

While Most Majors venture off into “Quiet Consolidation” ahead of the Data in the morning ( my time )… We look to the Yen Crosses for any glimmer of Activity as we move through the Asian Session.

( Of course… a busy Day Wednesday with the Stress Tests, Bernanke Rhetoric, Trichet Rhetoric, ECB and BoE Holding Rates Steady, etc…  so I will not cover those Macro-Fundamental Issues here, as I am sure you are all deeply aware of them and their Significance. )

In response to an Inquiry from Wednesday’s “BoE/ECB Q & A Live Coverage”  I did with our FXstreet Advisor, Valeria Bednarik… I had mentioned how I like to work with “Shielded” Markets concerning any Data Points.

For Example… in my personal View… I find it well-suited to take Consideration of a Euro Cross-Rate Unit in dealing with European Data, as opposed to looking “Directly into the Eye” of the EUR/USD Itself.

In this fashion… I can build Positions where I am “involved” in the relevant Currency… but in more of a “Risk-Tolerant Indirect” way.

That brings us to the Yen Crosses, and our Veteran “Dollar and Yen Risk-Appetite/Risk Aversion” Equation moving into Non-Farm Payroll Data.

The Pound Yen, as most of the Yen Crosses, has had significant Appreciation of Late and now looks for Macro-Corrections.

On the Unit Itself… our earlier Thoughts On the Massive Weekly Dynamic Fibonacci Resistance of 38.2% @ 148.83/149.12 “Cluster” Resistance Area came to Fruition, as we now look to Correct this Directionality from an IntraDay Perspective.

Here is the Hourly to see the various Levels, so give it a Click for Brief Commentary.

Post-Time is 1:15 GMT.

As always… Please join me for the “Currency Majors Technical Perspective” around 7:00 GMT, to be immediately followed by a Blog Update… as we await what just may be somewhat “Positive Better-Than-Expected” NFP Data…

P.S. - ( Did I really say that about NFP Data Points??? …  Hmmmm…  It sounds so “foreign” since I have not heard this in such a long time… hee hee hee…