USD/JPY dropped sharply lower on Friday following the NFP data. The pair dropped to 118.72 to close the week below the 119 mark. It needs to break below 118.60 to push for a re-test of the recent low by 118.33.

A move lower from this key short-term support will give scope for a drop towards the lower end of the broader range in the medium-term between 116 and 121. To the upside, 119.50 should cap intraday bounces, but a sustained move above 120 will pave the way for a test of 120.77 and 121.