The markets are trading in a tight range as investors are eyeing U.S. employment data which is scheduled to be released later in the U.S trading session, for more indications on the strength of the labor market’s recovery. This might determine if the Feds will trim more in the on-going bond-buying program , which will either see strength or weakness in the greenback against all Majors. I strongly recommend not trading till the outcome of the reports as the release could disrupt any technical analysis.
If we get a worsen U.S employment change at 155k, buy EUR/USD and if we get an improving U.S employment change at 215K, sell USD/JPY. If we get a conflicting figure of the unemployment and employment change , i suggest to stay out of the markets till a clear direction is formed. Happy trading and good luck.