Despite the fear of weak employment figures in the US, USD/JPY holds up quite well, trading well above 80.00. Having held the perceived BOJ/MOF line in the sand around 79.50 earlier this week, traders are reluctant to take on the authorities without a strong tailwind at their back.
We have the 100-day average providing support on pullbacks near-term as well, today at 79.63. JPY bulls might have more luck selling EUR/JPY if we get a horrific employment figure. Bad news for the US is not good news for an export-heavy Europe…