Institution: U.S. employment data may provide a bullish catalyst for the USD/JPY.

StoneX's Matt Simpson commented that the US employment data to be released later today may provide a bullish catalyst for the US dollar against the Japanese yen. The senior market analyst pointed out that the non-farm employment report "unexpectedly rose in the past two months." He also said, "Additionally, with improvements in the Institute for Supply Management survey in the US and only a slight increase in the pay component of the Services Purchasing Managers Index, employment growth may continue to support the narrative of the Federal Reserve maintaining high interest rates for a longer period of time, and even reignite discussions about raising rates." Simpson added, "This will provide a bullish catalyst for the US dollar against the Japanese yen before the weekend."