• The fundamental picture for USD/JPY remains quite bullish and market sentiment is similarly so.
• Overall positioning remains long but more pronounced in the crosses.
• Macros have been selling out of longer-term EUR/JPY longs.
• AUD/JPY support at 89.50 is looking increasingly strong.

Conclusion: We can expect to see every level on multiple occasions on NFP day, as this pair is the bellweather for USD/Risk sentiment. Starting the day with a bullish tone but don’t be surprised if we see either edge of 99.50/101.00.