USD/JPY Price Analysis: Bears stay in control ahead of key NFP event

• The US Dollar bears are taking advantage of the less hawkish sentiment around the Fed. 
• USD/JPY bulls are waiting in the flanks.
• The pair is meeting a key demand area on the charts.

USD/JPY was on the offer on Thursday with the US Dollar on track for its worst daily loss in nearly a month. US manufacturing data and comments by Federal Reserve officials struck a chord with the bears surrounding the expectations that the Federal Reserve will likely skip an interest rate hike later this month.

Technically, the price is now entering a demand area while could see a reversal as we move into the Nonfarm Payrolls event on Friday.

USD/JPY daily chart

Bulls are lurking in the 138 area with eyes on a move up towards prior support in the 139.50s. However, while the price is on the front side of the trendline resistance, the focus remains a fade on rallies. With that being said, the NFP data will be key. 

H1 chart: