 Good afternoon, ladies and gentlemen. Welcome to CMC Markets' monthly non-farm payrolls webinar with me, Michael Hueson, on Friday the 5th of February. And let's look at some of the market events of the past week or so, as well as obviously the US Employment Report, while we mull over that. One of the questions that I got asked fairly recently is, why do you do a webinar over the non-farm payrolls report? It's so last decade. And I suppose that's a fair question. It's a fair question. Before we get onto that, let's just get some housekeeping out the way with various disclaimers and what have you. It is a fair question, but ultimately it's not so much about the payrolls report per se, but it's about myself and CMC having some sort of engagement with our clients over the course of the past, say month or so, because ultimately I think since the advent of lockdowns, we can't do monthly events anymore, which means that the only way that we have of engaging with our clients is by virtue of these types of events. So while it's labeled non-farm payrolls, pretty much it's going to be about what I think about the markets. And you can usually follow that on my daily commentary, which goes up on the CMC Markets website under the Insights section, News and Analysis. But more broadly, I think it just gives you guys an opportunity to ask me questions about the markets, where I think the markets are going and whether rightly or wrongly. You know, you can agree or disagree with me to your heart's content because ultimately that's what makes a market. There's no right or wrong answer. I tend to look at things very much through a prism of technical analysis with a little bit of fundamentals thrown in. But ultimately I think the most important thing as far as I'm concerned is I think what the price action is telling me. And the price action is telling me that for the moment, equity markets continue to be very much a case of by the dips. When you look past all the headlines, and there's an awful lot of them from a bearish and a bullish point of view. For me, the most important headline that I look at when I look at markets in particular is what's the price action doing. So, if we look at say for example the S&P 500, we can see that amongst all of those lines, the line of least resistance is very much by the dip. And we're on course in just over an hour to open higher on the cash open 3885. So, looking at 3,900, potentially 4,000 on the S&P, my long term targets, which I get asked on a fairly regular basis by Bloomberg, half for the FTSE 100 to go towards 7,000. Now, on that particular point, I'm very much lagging behind a little bit, but I think you can pretty much blame this week's earnings from BP and Royal Dutch Shell and Unilever for that. They've lagged behind and obviously the strong pound, strong ish pound. I don't like to use the old pound analogy because when when you've got cable at 135, 136, you know, it's not that strong relative to say, for example, 10 or 15 years ago when it was up at 170. So, nonetheless, a slightly stronger pound is seen as a little bit of a little bit of a drag on the dollar earners in the FTSE 100, of which there are many, and they probably make up around about sort of 30, 40%. And then you've got the banks to throw in on top of that, which takes up another 10% and they're very exposed to the UK economy. So you've got an awful lot of what I would call very cyclical stocks on the FTSE 100 to the exclusion of everything else. So, you know, let's talk about payrolls, shall we? Well, payrolls, disappointing number in December. We saw a minus 140,000 on the headline number. Could well see a significant adjustment to that number. More importantly, I think the markets are thinking perhaps it's just a one-off. What we did see, what we've seen over the course of the past week or so is all of the concerns about the GameStop rally, the Reddit rally or what have you approved to be slightly wide, slightly overcooked, overbaked, whatever you want to call it. You've got the US Democrats signing off, trying to push through $1.9 trillion stimulus plan that got approved by the Senate earlier today with Kamala Harris, pushing it through on the casting vote. Now needs to go through Congress. I'm just quite likely it may get tweaked a little, but I think what we're seeing at the moment is some concerns about the reflation trade. If I cast your mind back to about a month ago, we got off to a real big flyer on equity markets in the first week of this year. We've seen US Treasury yields, 10-year yields spike upwards quite substantially over the course of the past week or so. We can see that very much on my Bloomberg chart here, which suggests that the dollar is starting to come back as a little bit of a haven of choice, which is not surprising when you look at the euro and the vaccine response that's playing out there, the political instability in Italy. The fact that you've got European leaders not exactly singing from the same hymn sheet when it comes to a vaccine response and the fact that the EU is likely to find that it's behind the curve, behind the UK, behind the US in terms of getting some sort of herd immunity when it comes to vaccinating all of its population. And you're seeing that reflected in the Bank of England's outlook yesterday when it came to its prospects for the UK economy. You're getting a bit of a vaccine put on sterling that's helping there, steepening the yield curve, not only on US Treasuries but UK Guilts as well, which is helping UK banks. So at the moment, if you're looking at the vaccine response through a prism of US, UK, Europe, Europe is a laggard that's pulling down on the euro and it's pushing up the pound and it's pushing up the dollar. So from that perspective, you could argue that what we're seeing at the moment is optimism over a Q2, Q3 recovery combined with the prospect of additional stimulus from the US and potentially further help from the UK in a budget next month. So you've got a little bit of what I call a goldilocks scenario when it comes to stock markets, the sterling and the dollar. So what does that mean for markets going forward? Well, certainly if you look at what US yields are doing, very much an uptrend there. The big level for me on the 10 year is 120. Now we're three basis points higher today. If we change that to say, for example, a candle or bar chart, you can see now how much more important that 120 level is. If we then compare that to say for example the dollar index, you're seeing a little bit of a similar move higher here. What we've also seen in euro dollar is a breakdown on the euro dollar chart. Let's not forget that when you look at the dollar index, 57% of that dollar index is euro dollar. So any move in the dollar is certainly going to be reflected in a similar move downwards in euro dollar. More importantly, if we just remove that, just remind you of what we're seeing here in US 10 year yields, we've seen a move higher from the lows in August last year. If we now look at, let's get rid of that, we now look at gold and see where gold peaked. It peaked at exactly the same time as US yields bottom. So what you're seeing here is an inverse correlation between gold and US 10 year yields. So if you're longer gold, I'd be a little bit twitchy if we break through 120 and US 10 year yields and we break below those loads that we saw in November last year on around about 1760 because it does appear to be a correlation between the highs in gold and the lows in US 10 year yields and that 120 level in 1760 on gold. So I'm looking at those two markets there in terms of where gold's going to go next, where US yields are going to go next, and potentially if US yields do break above 120 that could have an impact on further upside in equity markets. It could slow the move higher down quite substantially in certain areas, in certain frothy areas of the equity market space. So what are we expecting for non farms? Well, first and foremost, let's look at the calendar, which can be found in the dropdown from news and analysis and area numbers. We've also got the Canadian payrolls report as well. So that is going to be equally important if you're a Canadian dollar trader, but it generally doesn't tend to get anywhere near as much traction as the headline US payrolls report number. So big number non farms, 50 K personally, I think that's too low, given what we saw with the ADP payrolls report earlier this week, where we saw a fairly decent number for that. We've also seen weekly jobless claims come down from the peaks that we saw in January, around about 965 we're now below 750 on that. So that would suggest that the US labor market is improving. Bloomberg's got a consensus of not 50, but 100. I've gone 150 ADP came in at 174 the expectation for ADP was around about 47. Now there isn't precise correlation between two. I think it's important to understand that sometimes you don't get a very precise correlation between non farms and ADP and sometimes the correlations are not there at all. But I think on the balance of probabilities fact that the ISM numbers earlier this week for manufacturing and also services showed fairly decent rebounds in the employment component. I think any positive number is likely to be fairly well received. That being said, I would be disappointed if we get anything below 100. But even if we don't get a number. If we even if we don't get a number above 100. I'm not overly concerned because all that will do is it will shift the focus back to Capitol Hill and increase the pressure on US politicians to agree another stimulus plan on top of the $900 billion extra $900 billion that was passed at the end of last year by the Trump administration. You've had two stimulus plans out of the US already the one that expired at the end of July last year. Then the new $900 billion one that was passed at the beginning of this year, plus an extra $1.9 trillion that could well get pushed through the US Congress between now and the end of March or the beginning of March rather, which is when the $900 billion plan rolls over. So we've got. I've just been asked it seems dollar index markets thrive on both good and bad news is that fair. Yeah, I would I would say that it is. If you look at the US dollar, and you look at it through the prism of what's the safe haven what's not what's not a safe haven. Ultimately, I think someone once said it's the cleanest dirty shirt. So if you look at it through the prism of yen euro sterling in the dollar, then it employs it acts as not only a safe haven. When things are bad. But also, it can, it's not going to drop too significantly when things are good. If that makes sense, at least I think it makes sense. I'm sure you'll tell me if it doesn't anyway. For me, it's about how what the price action is telling me about the dollar. Now, if we look at euro dollar, what we've seen over the past few days has been quite compelling. In terms of this particular chart that we're looking at here. So you, you might get you might get a little bit of a pullback in the dollar you get a little bit of dollar weakness today. But what we've seen since last Friday, we've seen a break below one twenty forty one twenty fifty. Now that for me is significant in the overall direction of where we've been and where we've where we come from. Since November, we've been in a fairly decent uptrend. We've broken through those series of lows through here and about one twenty forty. And the likelihood is that now that we've broken this pattern, we could well see a move towards one eighteen seventy and one seventeen sixty over the course of the next few weeks. So for me, the calculus has shifted away from buying euro dollar on dips to now selling it on rallies while we're below one twenty and a half. So that's why I think the dollar has the potential now to go higher rather than lower. And the only way that I am going to you say the dollar should go higher rather than lower and the euro should go lower. I'm also negative on the euro, given the fact that euro sterling has also broken a very key support level on the daily charts as well. So that feeds into my lower euro story in the context of what we're seeing here. Look at this seventy eighty seven eighty eight sixty area here. That was a very, very big support level. It's gone. And a week ago, I said, I think euro sterling is going down and I still think it's going down. I think we're coming back down here to around about these lows that we saw last April and May. This is around about eighty six ninety eighty six eighty. So for me, you know, the dam is broken on euro sterling. And thanks to the matter is that we should see we should see a lower euro stronger pound over the course of the next few days and weeks. So that also helps feed into my slightly strong stronger sterling story whereby if we look at cable here, similar story. But we need to break through one thirty seven and a half. That's a little bit of a barrier on the upside, but it's still fairly decent support all the way through here. We're still getting higher lows. And what we need to see now is higher highs and break through that one thirty seven sixty. I still see I still think we can see cable at one forty haven't changed my mind from the beginning of this year. And I'm steadfast in that unless we break below one thirty five. So I'm still looking for one forty cable. I still think we can see seven thousand on the footsie one hundred between now and the end of Q one. At the moment we're struggling and it is a little bit troubling. But if we look at this chart here, there's nothing that's dissuaded me that we can't continue to go higher. Now the price action is not great and we have broken below the 50 day moving average. So that is a bit of a worry. So we need to get back above the 50 day moving average. We need to break it back above this trend line here. But ultimately while above six thousand three hundred, my bullish case for the footsie one hundred remains pretty much intact in terms of where we go to next. Sometimes you'll find that you have to adjust your strategy as the price as the price moves. But ultimately this key line here now is my next key support line for the footsie one hundred. So I'm still very much plan of buying the dips on that while that support line remains intact. It's a similar sort of story for the DAX. We're up near record highs. It's difficult to really sort of make a case of buying the dip on that at the moment, given where we are. But if we do see any pullbacks in that, then I would certainly be looking to get back in. But at these sorts of levels, I'm cautious about being long because we're below the highs that we saw back in January. And ahead of the weekend, you also remember that ahead of the weekend, people are going to be very reluctant to basically take on big long positions ahead of that. Aussie dollar. Right. This is my Aussie dollar chart. This is how we're trading on Aussie dollar. So for the moment, we're trading towards the bottom end of this trading range. So I'm very much a seller of Aussie dollar on rallies at the moment, got fairly decent support in and around where we are at the moment. But the longer term trend for Aussie dollar is for a slightly is a slightly lower Aussie. So we're just coming up to the numbers now. Tell you what I'm expecting 150,000 on non farms, unemployment at 6.7%. Let's just quickly open a Euro dollar five minute chart so we can actually see what the immediate market reaction will be. But I think obviously a weaker number will be initially dollar negative. But ultimately, I think they're not really going to drive the market that significantly, unless they are significantly wider the mark. So I'm going to be quiet now, wait for the numbers to break and see what comes out 6.7 unemployment. Those are not good numbers. Okay, for non farms, we've seen a bigger revision downwards. That's negative for the dollar. So you're going to see the dollar, you're a dollar push up towards 120 now on the back of that potentially as high as 120 40, but what it will do. Now that we've seen a much larger downward revision and a very disappointing headline number is it's going to increase the focus on US politicians to push ahead with that stimulus plan. As we look ahead towards the next four to five weeks and those Canadian numbers are really rubbish. I mean those are very disappointing numbers on dollar CAD. The unemployment rate, however, and this is the thing that's I think going to temper the headline number is dropped from 6.7% to 6.3%. So that's a significant decline. Average earnings are higher up from 5.1% to 5.4%. Again, that number is skewed by the fact that an awful lot of the jobs that are probably coming back are slightly higher paid jobs as opposed to the lower paid ones that skewing the number higher. So trying to make sense of that. In terms of the fall in the unemployment rate and the disappointing number there. I'm going to have a look at the participation rate because that could skew. The headline number for non farms. I'm just going to have a quick look at that and see whether or not we've seen a similar fall. In the labor force participation rate, which is currently at 61.5%. And that's that's seen a little bit of a fall to 61.4%. So 0.1% of that decline in the unemployment rate has been as a result of people dropping out of the workforce. The under employment rate has also fallen quite sharply from 11.7% to 11.1%. So I'm guessing that we have seen some significant revisions to not only the December payrolls report, but I would suggest the November payrolls and October payrolls report as well because certainly in the context of what we're seeing at the moment. In terms of the headline numbers, it would suggest to me that we've seen significant adjustments in terms of previous months numbers to reflect the fact that the unemployment rate has dropped as much as it has. So I'm going to try to see if I can find out what previous adjustments we've seen to the headline numbers. I'm just trying to find that on my Bloomberg. Right now changing non farms. Going to go historical price. And not seeing. Right. Okay, this is where we are November was adjusted up from 245 to 336. So there's a there's a significant upward adjustment there. That's about 90,000, which offsets the 80,000 net decline that we've seen in December. Let me show you that now on my Bloomberg. And let me get rid of that. Get rid of that. Get rid of that. And we can bring back this. So these are the adjustments. These are the revisions on the right hand side. These are the headlines here. So we've seen minus 140. It's got a minus 227, but you've seen 245 and that's gone up to 336. We've seen various revisions, so on and so forth. So ultimately, the headline numbers disappointing, but it's certainly not sufficient enough to warrant a significant amount of dollar weakness going forward. But I think, given where we've been this week, we're not going to see euro dollar back down to around one 1970 in the short to medium term. So what we're going to see, I think today is a little bit of a short squeeze on those dollar longs and a little bit of a pullback perhaps towards the highs that we've seen so far this week, we can see that here. So let's draw a little draw a little bit of a line on my euro dollar hourly chart to see where the potential is the short squeeze to come back to. That's not right. Here we go. So there's a series of levels through here around about one 2031 2040 where we could squeeze back to any interim or even here to around about one 2010. So I'll be interested to see where your dollar reacts around one 2010 in terms of initiating a potentially new short position or one 2040. I'm surprised if we move significantly much above this area of resistance through here over the course of the next few hours. Let's not say it won't happen, but I'd certainly be more comfortable getting short those sorts of levels and I would be where we are at the moment. In terms of dollar yen. If you've got any questions, please feel free to fire them over. I know I've covered an awful lot of ground. Let's look at dollar CAD, because obviously that's Canadian jobs report is a little bit of a disappointment. And that would suggest that perhaps we could well see a little bit of Canadian dollar weakness going forward. Let's have a look at this market here. Bear with me. Sometimes line drawing can be a little bit fiddly. You need to have a little bit of accuracy. But certainly these peaks here around about 128, 128, 90 are going to be a tough nut to crack now. And we could well see the Canadian dollar weaken and start to drift back down over the course of the rest of the day. Now someone asked me about crude oil. What I thought about the fact that crude oil is around about $60 a barrel. And I've got to say, I'm a little bit concerned at crude oil at these sorts of levels. Why? Because we've seen a decent rebound. We're getting a fairly decent recovery. But there has to come a point where a high crude price above $60 a barrel starts to act as a little bit of a break on an economic rebound. And I think we're getting to that sort of level right now. So in terms of oil prices, I've got to say that we're reaching the boundaries whereby now I think the OPEC plus they've done a great job so far of driving the oil price back up. But there'll come a point. We're still below the levels that we were this time last year. So I don't think we're quite there yet. But I think anywhere around this sort of level here, which was the February peaks of around about $5970, $5975. If we break above $60 a barrel, there's going to be a tipping point whereby you've got to ask yourself whether it could act as a break on the economic rebound that we're probably going to get Q2, Q3. Because you can talk about suppressed demand. You can talk about build up in extra savings. But no one's going to be traveling abroad, which means oil demand, or very few people are going to be, I'm going to say no one. It's not quite true. But I think what you'll find throughout the rest of this year is the topic of vaccine passports, which could stop people from traveling. And I think for me, more than anything else, if I've got to prove that I've had a jab going forward, then I'm going to think I don't want the aggravation of that. Thank you very much. Why should I have to prove that I've had a vaccine so that I can travel abroad? And this is also the fact that European holiday destinations could well be behind the UK. So if they haven't got on top, if Spain, Italy and Greece, for example, haven't got on top of their vaccine, their vaccination program, why do you want to have the aggravation of going abroad? You might well think, well, I'll stay at home this year, and I'll think about going abroad next year. So I think of looking at a V-shaped rebound in air travel is optimistic, to be quite honest. And I think more than anything else, you're probably going to get a stronger rebound domestically than, say, for example, in overseas travel and leisure. So, you know, for me, I think $60 a barrel, we could break higher, but I'd be surprised if we sustain and move much above that going forward. So that's my view and crude oil could be way off. Also, you've got the fact the dollar is slightly stronger. How do I square a stronger dollar at a stronger oil price? That's how I square it quite simply. The US economic recovery is going to outpace European, UK economic recovery is going to outpace European, that's going to underpin the pound, it's going to underpin the US dollar. Obviously, COVID variants not withstanding, which could slow down any vaccination program and any recovery program. So there are fundamentals built in to my overview going forward. And that's always going to be the case. But ultimately it's price action first, and then obviously my gut feeling second, which is driven by how I view the economic recovery going forward. The ban on petrol going forward, yeah, four to five years is an aspiration. It's not going to happen because you need the recharging points. You need the infrastructure. That's going to drive demand for things like copper and silver. Because if you want people to migrate to away from petrol and diesel, you need to give them an alternative and you don't want to be running out petrol in the middle of Bloody Salisbury Plain. Excuse my French. Sorry. You don't want them to be running out petrol in the middle of nowhere without a recharging point in site. For me, it's about infrastructure. So if you want to push the renewables, if you want to reach out, if you want to push the electric vehicles, you need to have the recharging points. You need to have the battery technology. You need to have the storage technology. So I think for me, you know, it's, it's four to five years is optimistic. Even 10 years is optimistic. So you need to have hybrids. You need to talk about electric. You need to talk about a whole host of different things to actually make that thing make sense. So for copper. We look at copper. This is what I'm looking at for copper. There's a potential head and shoulders reversal playing out here. We still very much remain in by the dip mode. But I think while copper is looking fairly well supported, that should also help support equity markets more broadly. If you look at the S&P 500 and you look at the copper price, there is a broad correlation there. Yeah, the S&P is starting to move ahead of that right now. But ultimately what we're seeing in terms of copper prices, if we zoom all the way out. It's bullish. More constructively, you look at where the lows were much last year. It's bullish. So it's definitely a recovery story in terms of copper. Let's get a shot of that there. Gold and silver gold I talked about earlier. If you are late tuning in, there is a little bit of a correlation between copper. In terms of gold and US Treasury yields. So I think you've got to be a bit careful about that. I quickly reiterate the fact that if we in gold, I'll quickly reiterate. If we drop below 1760 and US Treasury yields go below, go above 120, 1.2. Then gold is likely to suffer as a result of that. I covered that in the video earlier on. I am recording this so you'll be able to watch it back. The Germany Tech 30. I mean, yeah, I mean, let's have a look at the Germany Tech 30. It's not something that I look at an awful lot. If we look at Germany and see whether there is the mid 60, here we go on the mid tech 30. It's the one you're wanting me to look at. Again, it's a similar sort of story to the DAX. The trend is your friend here. So you've got to buy the dips on that. The 3,600 is the next target on the mid tech. It's very much by the dip. In terms of silver, quickly look at that. I've got that lined up here just below gold in my watch list. That's in a range. I mean, what can I say? We saw that spike higher. It didn't break that $30 a barrel. $30 a barrel, $30 an ounce level. And I talked about that in my weekly video as well. So I just get rid of that line there. Fairly decent support around about $26. Why? Because it was the peaks here on this area here and these lows here. So if I actually draw that line in again for you, I deleted it, but I think it's important. You look at that level there is actually just support there and there. It's actually resistance there and there. So it is a bit of a pivot around about $26 on silver. So depending on how it reacts around $26, the likelihood is we'll probably edge back up. If gold starts to break down, then that could drag silver lower. There is a there is a little bit of a correlation there, but let's not forget silver is an industrial metal as well as a precious metal. So and it does get used quite a bit in the context of the automotive sector. If I draw a line in through there, that might be gives you a better indication of where other support levels are on the silver price. I can't be more precise than that. Unfortunately, Owen, but I hope that helps you. In terms of lumber and global uranium, it's not a market. I don't think I don't think it's even a market that we can maybe maybe I'm wrong. Let me just have a quick look for it. If I spell it correctly and then search will come up. Well, we've got uranium ETF, which isn't currently open. Let's have a quick look at that. Well, again, I mean, the trend is your friend there. So that looks that looks fairly positive, but it's not something that I'd be comfortable giving an opinion on. Let's look at lumber. Look at the lumber cash price. Again, you know, commodities doing well and looks fairly does appear to be very decent resistance in around 1000 though. So I'd be a little bit careful about being aggressively long in lumber futures at the moment, particularly on the basis of this particular chart. As I say, I always base my my views on what the price action is doing. So if we look at lumber prices there, it does look very overbought and it has gaps higher here, which suggests that we could well see a little bit of a pullback fill that gap before we go higher again. So hopefully that helps in the realm. Let me just have another quick look at all of your other questions, ladies and gents. Natural gas. Yep. Natural gas. I've missed that. Scrolling back for you. I can find it. There it is. It's all the way down there. Better remember, natural gas is very seasonal. But again, we're approaching a very key resistance level. We need to redraw that line. Seeing as it's not the line through there. Okay. Now you can argue that I'm curve fitting slightly, but you have to adapt your lines. But ultimately what hasn't happened here is the overall uptrend hasn't broken down. We haven't made new lows on any pushback below here. The key level for me is these November peaks here around about 305. We're around about there now. If we look at this daily high here, we're at 305. So we're at a very key level on natural gas prices on the cash contract. But ultimately how the market reacts around these sorts of peaks is likely to determine where we go to next. We're coming up to a weekend. So if you're long of natural gas, then I would suggest that you probably, if you are long, you bring your stop loss up a little bit in the event that we could see a retest of this 270 area, which does appear to be acting as a fairly decent area of support going forward. I'm always doing that. Let's do that again. Okay. Let's just scroll down. Dale Jones getting asked about the Dow. Yeah, absolutely. It's always a favorite. Again, record highs or approaching record highs when the US market opens. As I say, be careful about being aggressively long heading into the weekend. You don't want to be holding. Don't want to be holding significantly aggressive long long. I'm less of a fan of being of holding positions over a weekend than I was safe. For example, five or six years ago, simply because you just cannot account for a news item breaking over the weekend. Obviously now that President Trump or ex-President Trump as he is now, is no longer in Twitter. The likelihood of a presidential tweet is much less likely. That doesn't necessarily mean that something breaking over the weekend can't prompt an aggressive down moving stocks. That still remains, for me, a clear and present danger going forward. But certainly in terms of US markets, a line of release resistance is by the dip. And that continues to be the case for all US markets. Let's look at the small cap index. That, for me, I think is more of a leading indicator than anything else. The Russell, now that we're above 2,200, that is likely to be a key driver of how US investors view the US economy. And it's very much a case of trend as your friend here. You look at the Russell, very much parabolic. One thing I would say is that with the price action moving as far away as it is at the moment from the 200-day moving average, I'm starting to get a little bit nervous about being aggressively long US stocks. Because this situation here is not sustainable. So one of two things can happen. We can trade sideways for an extended length of time, or we will get a correction back down. And I think this is the key concern going forward that I have about US stocks in particular, particularly with the Democrats, increased regulation, particularly on the frothier parts of the market, could actually prompt a sell-off, particularly in the NASDAQ and in the more elevated areas of the US equity markets going forward. So looking at being asked about yen pairs, absolutely. Dollar yen I've talked about earlier. Let's look at Euro yen. Yeah, let's zoom that out. On yen pairs, I do tend to like to use cloud charts because they generally tend to act as a fairly decent area of support and resistance. So we can see that particularly in the context of the daily chart here on Euro yen. Decent area of support around about $125.80, $125.90 also coincides with this. But also if we draw in this trend line here, there's a nice area of support there as well. If we look at sterling yen, you've got to be constructive on sterling yen if you're constructive on Euro sterling and cable. So if we also look at sterling yen, that's down here. And this is a chart I drew earlier. This is the weekly chart. As we can see here, we've broken significantly higher and we're now looking to retest those February peaks. I'm probably gone beyond those February peaks from last year. But again, with sterling yen, line of least resistance is for a weaker yen and a stronger pound. So I'm constructive on yen crosses. Hopefully that helps, ladies and gentlemen. OK. So unless anyone has any other questions, that's it for this month's non-farm payrolls webinar. I hope you've all found it instructive and useful. As I say, I am recording it. So if you've missed anything, feel free to listen to it all back. In the meantime, I'd just like to say thank you for taking the time to listen to me today. And I hope you all have a great weekend, a restful weekend, and successful trading. Thanks very much for listening. This is Michael Houston from CMC Markets, signing off. Thanks very much for your time and your patience.