USD/JPY Might Continue Falling, Depending on the NFP Tomorrow

Despite my expectations that Wave A of the correction would end, USD/JPY continued dropping, either to test the last low or to form a new one.

Tomorrow will be released the data about the US change in the Non-Farm Payrolls and for the moment the expectations are that the data will be worse than before. If that happens, we could see the pair continue falling. I think it is very possible for such news to drive USD/JPY to form a new low below 100.00 or even one below 98.00.

Despite all that my expectations remain the same – I think it is a matter of time before we see Wave B of the correction, which should lead to a move to the upside towards 115 – 116, or maybe even higher than those levels.