If something can't rally on good news...

USD/JPY is proving the axiom again

The US dollar is at session lows against the yen.

It spiked higher on the nonfarm payrolls report and then gave the gains back ten minutes later. It's been sliding ever since and now the stock market is near-flat as well.

My absolute favourite fundamental trading axiom is that if something can't rally on good news, it can't rally at all (and vice-versa).

The stock market is hanging on for dear life at the moment but it could go over the edge any moment.