FXstreet.com (London) - USD/JPY continues to trade in a narrow band ahead of jobs data later today. Pair currently trades at 93.23, after sliding from early session highs of 93.68. The pair trades between 93.34 and 93.19, and will likely continue sideways in the absence of significant cues.
Yen weakness seems to have paused despite the new Financial Ministers statement yesterday pressed home the need for a even weaker Yen. The previous Minister resigned over health concerns earlier this week and was quickly replaced by the deputy prime minister. For support and resistance use the bounds of the current range as primary signals.
DowJones reports implied volatilities on the pair are up, a strong indication of market anticipating more sharp moves in the pair ahead of NFP data later today. 1-month ATM volatilities were up as players bet on moves ahead of the key data and with the introduction of new inflows as we start the new year.