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USD/JPY Outlook: Bulls Are Pausing Under 110 Barrier Ahead Of NFP

Strong four-day rally is taking a breather on Friday ahead of US jobs report, which is expected to provide fresh signal.

The dollar remains well supported and strong labor data today would add to bullish bias for eventual break through 110 barrier and attempts towards 110.29 (2020 high posted on 17 Jan) and 110.52 (Fibo 76.4% of 112.40/104.44 fall).

Overbought stochastic and rising negative momentum on daily chart warn that bears may stay on hold but expected to remain intact while ending week above 109.57/53 (weekly cloud top / broken Fibo 61.8% / 20DMA).

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Only break and close below these levels would sideline bulls and open way for deeper correction.

Res: 110.00, 110.29, 110.52, 110.67
Sup: 109.67, 109.53, 109.30, 109.06