The Japanese Yen has been moving lower since the start of the new year and yesterday it hit a 12-week low. With a stronger US Dollar, the USD/JPY is still trending up and holding above the 50-day moving average at ¥104. The main bullish trend is expected to continue, however, in the short-term, since the pair is testing the 200-Day moving average (Daily Chart) around ¥105.60 / ¥106, failure to breach this key important indicator may trigger some profit-booking today ahead of US Non-Farm Payrolls report scheduled to be released at 1330 GMT.
Support: 105 / 104.80
Resistance: 105.60 / 106
