The USD/JPY pair went back and forth during the session on Thursday, showing significant indecisiveness at the 97 level. This area for us is fairly supportive, but we cannot help but recognize that we have broken down below the bottom of a symmetrical triangle. Because of this, we believe that the market is most certainly biased to the downside, but with nonfarm payroll coming later today it’s going to be a very risky market to be involved in. This one always reacts wildly to the numbers, so to be honest we are waiting to see how the Friday session pans out.
Written by FX Empire