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USD/JPY Maintaining ST Bearish Stance Ahead of NFP

Last week, USD/JPY fell sharply to 115.90 before slowly drifting back up to 121.73. This week, price has retreated from the 121.73 high and looks bearish ahead of Friday's key Non-Farm Payroll risk.

USD/JPY 1H Chart 9/1

(click to enlarge)

The 1H chart shows that the first couple session of the week have been bearish for the pair. Price is now hanging around 120, below the cluster of 200-, 100-, and 50-hour simple moving averages and below a rising support line from last week. The price action suggests that if price can now start holding under 120, the 115.90-116 lows will still be in sight. We might not see a dip to that low ahead of the NFP, but a test of 118 is more probable.