The final Asia session of the week was once again all about USDJPY and the JPY crosses.
After initially shooting higher on JPY weakness and traders willing to take on risk, the pairs steadily gave back a decent chunk of their gains. After finally popping back through the 100 mark briefly, USDJPY quickly sold off nearly 50 pips. EURJPY too saw almost a 100 pip run up before investors began taking some risk off the table, sending the pair spiraling lower back toward the day's low.
The US jobs number will likely dominate traders motives in the hours ahead. Most of the market is expecting very little position taking into the NY session. Wild gyrations will likely only be caused by lack of liquidity.
