Ella 
The Japanese Yen struggled to capitalize on the previous day’s modest gains and traded in a tight range against the U.S. Dollar in early European trading on Friday. The short-term bias seems to favor the yen bulls as the Bank of Japan’s policy stance is more hawkish. In fact, the Bank of Japan is still expected to hike rates further, while other major central banks, including the Federal Reserve, are expected to cut rates further.
Apart from this, the recent decline in U.S. Treasury yields and a slight deterioration in global risk sentiment also seem to be providing support for the safe-haven yen. USD/JPY is on the defensive around the 150.00 psychological mark ahead of the release of the U.S. Non-Farm Payrolls (NFP) report, coupled with subdued price action in the U.S. Dollar (USD). This key data could shed new light on the Fed’s rate cut path, which in turn will boost the dollar and affect the currency pair in the short term.
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