Another leg down on the USD/JPY

The USD/JPY continues falling after it broke below the 103.00 level and makes another leg down to the 101.00 level. The pair has been falling on weakness of the Dollar, which has been hurt by the worse than expected US fundamentals. This coming Friday we have the US Non-Farm Payrolls number, if the reading comes out worse than expected, then the pair may continue falling and try to break below the 100.00 level. In the past occasions when the pair has reached the 100.00 level, the Bank of Japan has intervened. This time we could see another intervention by the BOJ if the price reaches the 100.00 zone. To the upside, the 103.00 level may act as resistance, but the 104.00 and the 55 day EMA zone may also act as a better resistance.