FxWirePro: USD/JPY pulls back slightly as focus shifts to US NFP

• USD/JPY pulled back slightly on Friday as market participants remained cautious ahead of crucial non-farm payrolls data later in the day.

• Market participants are looking to the nonfarm payrolls report for an indication on when the Federal Reserve will resume cutting rates.

• U.S. job growth likely slowed in April, with economists forecasting an increase of 130,000 nonfarm payrolls, down from 228,000 in March 

• The Bank of Japan on Thursday sharply lowered growth forecasts due to U.S. tariffs and left interest rates on hold, suggesting the central bank could keep policy in a holding pattern for some time.

• Bank of Japan Governor Ueda noted that the timeline for inflation to reach the 2% target has been pushed back somewhat, signaling a likely pause in further rate hikes amid uncertainty from rising tariffs.

•  Immediate resistance is located at 145.97(50%fib), any close above will push the pair towards 147.47(Higher BB).

• Support is seen at 143.34(38.2%fib) and break below could take the pair towards  141.92(April 29th low).

Recommendation: Good to buy around 145.00, with stop loss of 144.20 and target price of 145.80