USD/JPY ahead of the US Non-Farm Payroll
The USD/JPY dropped off drastically as the US Dollar has been losing its shine lately. The bears pushed the market as low as 95.48, not seen since April, before it bounced back. At 96.70 at the time of writing, the jostling for position between the bulls and bears continues as the bears are struggling to find momentum to push the market lower than 96. We are likely to see some noise here ahead of the US Non-Farm Payroll and expect the actual figure to bring in volatility and direction to the pair for the day. A decent jobs number could push the market straight up. A break above 98.05 would open the way for 99.6. A weak report could send the pair plummeting at the 94.9 area. Even in that case we are not willing to jump on the short side of the market, as we expect the BoJ to get involved, if we get below 95.
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