USD/JPY near-term bias is more neutral at the moment
Price sits in between both key hourly moving averages as traders wait on key developments later today before proceeding with a directional break. The sandwich between the 100-hour MA (red line) and 200-hour MA (blue line) means that near-term bias is more neutral.
Between the non-farm payrolls data and US-Mexico trade talks, I reckon the latter would have a more profound effect on risk trades today. However, if the US jobs report disappoints on a similar scale as the ADP employment data earlier this week, expect markets to also react accordingly as well.
But for now, it's all rangebound trading as markets stay quiet ahead of the non-farm payrolls data at 1230 GMT. For USD/JPY, there are also large expiries at 108.00 and 109.00 to keep price contained in between for the time being.