The US dollar has been consolidating against the Japanese Yen for the past 3 trading days and judging from the price action of the currency pair, it is prime for a breakout.
The non-farm payrolls report provides the perfect catalyst for a break so expect some interesting price action in the currency pair over the next 24 hours. Despite the 166 point drop in the Dow, the Yen crosses have been mixed with most of the pairs rising except for USD/JPY and GBP/JPY which have been hit by weaker US and UK economic data.
