The Dollar versus the Yen stalls at the 102.00 level.

The round number and psychological level of the 102.00 on the USD/JPY has proven to be a very strong support area for this pair. Even though today the dollar tried to strengthen versus the yen, the price can still come back down and try to visit the 102.00 level again. We must keep in mind that to the upside we have a couple of factors that could prevent the price from going higher at the moment, but who knows what may happen tomorrow after the Non-Farm Payrolls report.

On the 4 hour chart below, we can see how the 55 period exponential moving average has been holding the price quite well. However, in order to see a definite breakdown of the 102.00 level, we would need to get a worse than expected reading on tomorrow’s NFP and unemployment rate reports out of the US. But if the readings come out in line or better than expected, then we could see a rally on the pair that could take it above these EMAs on the 4 hour chart.