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USD/JPY had a wild session during the Friday trading day after the nonfarm payroll numbers. This is typical for a nonfarm payroll Friday, and as such it really shouldn't come as much of a surprise. The 79 handle above still looks rather resistive, but the 7750 level looks rather robust as support. Since we are towards the top of the range, we aren't interested in buying at this point and would actually sell weak and resistive candles.
The Bank of Japan has a meeting this coming week that could be a catalyst for a move in this pair, but the way it has moved over the last year we highly doubt that much is going to change. It would take a break of the 80 handle for us to become long-term buyers of this pair, and we would be very hesitant to become long-term sellers as we know the Bank of Japan is likely to intervene at this pair falls too much.