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If today NFP reading at 200k and above: short positions in the EURUSD, according to RBS reading above 200K will result in a significant shift in market expectations for September thereby keeping market increases the probability of the first well above 50%, RBS prefers the EURUSD due to a clear divergence of monetary policies conducted reading from 175k to 200k, a reading roughly in line with consensus should also be positive for the USD especially again st the euro. RBS with less determination would fall in net long positions on the USD against EUR, GBP and AUD, but the risk of a potentially higher hourly wage below 175k, even such a reading would encourage RBS to sell EURUSD rallies due to the potential expansion of QE in December. JPY weakness versus the lack of concrete evidence that the BoJ to increase buying in the near future would encourage the bank to short positions on USDJPY.

There was a great setup printed on Euro Yen daily time frame kind of rising wedge or a triangle pattern and a downside breakout was there which shows a measured target of 1000 pips down side and so far after break out the pair falling very nicely following ECB president Draghi words for bad fundamental, so far its 300 pips downside after break out and traders those missed to short this pair can look at H4 for price action sell signal……. As there is also a small rising wedge pattern formed and break out happened so in my point of view a simple BCP (Break  out – Pullback – Continuation) setup is a signal for further sell off ……   Kindly look at chart of H4 time frame where price is testing the trend line will take a sell if it prints a pin bar a rejection of upside move.