Since it broke above 50 DMA in October 22th, the Yen has been behaving bulllishly. It rose in every day of this week so far, convincingly breaking above 200 DMA. However, weekly range has been relatively small (~170 pips) as the pair has been slowly grinding up towards 122 resistance.

Action following tomorrow's NFP report could well see that level break, if we'll finally get a decent one. Weekly gains could also be easily erased with the price pulling back towards 120.50, should there be a continuation of the current series of disappointing NFP figures.

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