The USD/JPY pair has been trading sideways since the 3rd of May 2016, with the price ranging between the levels of 106.28 and 107.50.
The pair went back and forth during the course of the day on Thursday, reaching the intraday low of 106.80. Today, the pair dropped slightly during the Asian session, to recover some losses and then fall once again to 106.92 during the early European morning. Investors now remain focused on the crucial U.S. labour market report for new moves on the USD/JPY pair.
In the event that the price drops below 106.75, the pair could find support at 106.51 and 106.28 respectively.
Alternatively, in the scenario where the price manages to break above the barrier of 107.50, the pair could go up to 108.00 and 108.22 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.