FxWirePro: USD/JPY struggles for direction ahead of key non-farm payrolls report, holds marginal gains amid Japan's political jitters

USD/JPY chart - Trading View 

USD/JPY was holding marginal gains on the day and was trading 0.11% higher at 110.02 at around 04:45 GMT.

The greenback struggles for direction ahead of key non-farm payrolls and Japan's political jitters as PM Suga is likely to resign ahead of his party's leadership vote.

U.S. non-farm payrolls report is due at 1230 GMT later today. Investors awaiting the U.S. jobs data to gauge the Federal Reserve's plans to start tapering asset purchases.

The greenback remained under selling pressure as unimpressive US employment-related data strengthens anticipation of a weak Nonfarm Payroll report.

Data released overnight showed the number of Americans filing new claims for jobless benefits fell last week, while layoffs dropped to their lowest level in more than 24 years in August.

The country is expected to have added 750K new jobs in August, while the Unemployment Rate is expected at 5.2%, better than the previous 5.4%.

Powell had said last week if job growth continues, the central bank could start to cut its asset purchases this year, but would remain cautious in decision to raise interest rates.

USD/JPY is grinding sideways below 21-EMA and daily cloud resistance. Price action is in a 'Symmetric Triangle' pattern and breakout will provide a clear directional bias.