VOT Research Desk
On Friday, the USD/JPY pair extends its bearish trend for the fifth consecutive day, marking the ninth day of a negative move in the previous ten, and falls to its lowest level since August 16.
The pair appears to have entered a negative consolidation phase, lingering around the 134.00 line as traders await the US NFP news for further impetus.
On the other hand, the 200-day SMA, which is currently at 134.50, could act as an immediate strong barrier ahead of the 135.00 mark.
A sustained move above this level might spark a short-covering recovery, allowing the USD/JPY pair to reclaim the 136.00 round figure.
Any future increase, on the other hand, is more likely to attract new sellers and remain capped around the 136.70 support breakpoint should now serve as a pivotal milestone.
