USD/JPY initially rallied on Thursday, but found enough resistance above at the 110.68 level to turn around. I think that part of this might be profit taking ahead of the jobs number, and that being the case it’s likely that the market may sit around the 110 level until we get the results. I think it’s as simple as trading with the announcement. If we get more than 200,000 jobs as part of the announcement, the market should continue to go higher. Alternately, if we break down below the 109.50 level, I think that the market will then go back towards the 108.50 level.
Written by FX Empire