The USD/JPY pair initially fell during the trading session on Thursday but found enough support to turn around and form a hammer. It looks as if the 110 level is going to continue to offer support, while the 112 level above is resistance. The pair is extremely sensitive to the jobs number coming out of America today, so we could get a massive amount of volatility. I believe that we stay within this range and less the jobs number is horrible, and at that point we would more than likely breakdown below the 110 level and then go to the 108 handle after that.
Written by FX Empire