It feels a bit odd to have the monthly US jobs report released on Thursday, but due to the Independence Day observance (Bank Holiday) tomorrow, it had to be moved. As is usual, the headline Non-Farm Employment Change will be the one that the market will move on initially and after better than expected ADP Non-Farm Employment Change yesterday (237K vs. 219K expected and 203K previous) the odds are that we'll get strong number today too.

USD/JPY stalled ahead of the Weekly Pivot Point (123.60) today, about 25 pips below last Friday's closing levels. Strong number could see it jump to the Previous Week High (124.38) which coincides nicely with the Daily Resistance 3. Weak number, however, may see it return back towards 122.50 - 122.60 (Previous Week Low, Daily Support 1, 122.50 level) and then 122.00 - 122.05 (December 2015 to May 2015 range top, 50 DMA, Daily Support 2, 122.00 level).

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