The USD/JPY pair went back and forth during the course of the day on Thursday, showing that we saw quite a bit of volatility. If we can break higher, the 108 level will be tested. I think we could go above there and reach towards the 110 level as well, but it will be a grind higher, and not a quick move. At this point in time, the 105 level seems to be the “floor” in this market. This is a very volatile currency pair when it comes to the Nonfarm Payroll numbers, so caution is certainly advised.
