USDJPY - Still Long Post Payrolls

We still see USDJPY continuing it's upward momentum despite payrolls coming in 145,000 vs 160,000 forecast. The currency pair has risen over the past few trading sessions on the back of the situation in the Middle East not being as bad as first feared and the subsequent rebound in stocks. We are encouraged that USDJPY has held support at 109.2 after a weak payroll number and lower than expected wage growth as we see prices challenging multi month resistance above 110 in the coming weeks.