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USD/JPY fell during the Friday session as the US jobs report came out weaker than expected, pushing this pared down to the 70.50 level where it found previous support. The church still looks like it is trying to form some type of uptrend channel, and as such we still prefer of the long side of this trade. Not to mention the fact that the Bank of Japan is sitting below and we think that any weakness and despair will more than likely be pushed against by the central bank.
On a move higher, we think a break above 80 would signify more momentum to the outside, but the true test will be at 80.60 as it is a significant selling point. Any daily close above that should have this pair running for the 84 handle, and possibly even higher.