USDJPY POISED FOR BREAKOUT
The USDJPY pair continues to trade in an increasingly tight trading-range between 112.33 and 112.93, as investors await the release of the United States September Non-farm payrolls job report.
Today's USDJPY intraday trading sentiment is increasingly neutral, as investors lack a natural catalyst to push price-action beyond the current 30-pip daily trading range.
Going forward, the announcement of the new U.S Federal Reserve Chair and the result of the upcoming Japanese elections will affect the USDJPY pairs medium term directional bias.
Moving to the short term, a number of FOMC members are speaking this afternoon, we also have the release of key U.S Factory Orders data.
Key intraday USDJPY technical support is found at 112.32 and 112.20. Once below the 112.20 level, a deeper decline towards 111.90 and 111.68 should be expected.
To the upside, once clearly trading above the 112.93 level, a further advancement towards 113.10, 113.25 and 113.57 remains likely.