The USD/JPY pair went back and forth during the session on Wednesday, but as you can see remains stuck just underneath the 99 handle. The Bank of Japan will continue to try and alleviate the pressure on the Yen to the upside, thereby sending this market higher. We need to see a daily close above the 90 level to get overly bullish, and with the nonfarm payroll numbers coming this Friday we think that this market may be somewhat stagnant until 8:30 AM on Friday morning in New York. That’s when the announcement comes out, and if the jobs numbers are better than anticipated, this market will skyrocket.
Written by FX Empire