The reaction to the disappointing NFP should probably judged in the context of the USD/JPY pair. $USDJPY, Usd/Jpy / 60 Yesterday we looked at the USD/JPY range that had set-up along with the clear levels of support and resistance, as well as levels to the topside and downside. NFP day can have volatile reaction, and after an initial burst higher above 105.05 - the range resistance - the pair fell back down through the range and through support near 104.60. If the pair holds below this level then it's likely we have further follow through to the downside - with the initial downside target of 103.80 - as today's NFP data could undermine the case somewhat for an aggressive tapering schedule for the FOMC.