The USD/JPY pair fell from the 110 level during the session on Wednesday, proving that we are not quite ready to continue the next leg higher. However, with the nonfarm payroll numbers coming out on Friday, we believe that this market could very well make the break then. Between now and then, we would anticipate more consolidation between the 108.50 level on the bottom, and the 110 level on the top. We are not willing to trade this market right now, but a better than anticipated jobs number coming out on Friday could be the catalyst to finally break up in above the 110 level, starting the next leg up.
