The USD/JPY pair rose during the session on Thursday, bringing the top of the two previous hammers. This area was also the 50% Fibonacci retracement from the larger group, so the move higher of course was interesting. We now find ourselves closing at the 102 level, and as a result we think that the Friday session will be indicative of where this pair is going to go. After all, the nonfarm payroll numbers tend to move this market drastically, and we think this session will be any different. We do however, favor the upside on a break above the high from the session on Thursday.
