USD/JPY Forecast February 4, 2014, Technical Analysis

The USD/JPY pair fell during the session on Monday, testing the 101 level. However, we think that there is significant support all the way down to the 100 level, and although we think that we will eventually test that area, we believe that a lot of buyers will step in at that point. This particular pair is especially sensitive to the nonfarm payroll numbers, which of course come out this Friday. With that, we are hesitant to buy or sell this pair between now and then. Supportive candles at 100 would have us thinking about buying this pair though.