The Dollar-Yen upward traction ended to some disappointment for the bulls as hesitation creeps in on Thursday.

Friday brings Japan’s second consecutive holiday, with Thursday in observance of Marine Day and Friday in observance of Health-Sports Day.

Looking ahead, market participants will now be closely watching U.S. Labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.

Viewing the technical assessment, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator holds to a positive signal as it holds above the 50-midway point, while the negative signal is seen for the Moving Average Convergence Divergence (MACD).

However, it should be monitored as it gets closer to the 0.000 axes.

With the near-term cap intact at 110.70-80, it should keep the bearish pressure for a re-challenge of the low 109.00 area.

Bulls should beware of an ambush.