Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair fell for a third consecutive day, tumbling to 108.52 before managing to bounce some.

Key Quotes:

"Moody's rating agency said that Japan's sales tax hike delay is credit negative, as it makes fiscal goals more challenging, and therefore questioned the stability of Japan's fiscal policy. The pair is expected to offer little during the upcoming Asian session, as it usually enters wait-and-see mode ahead of the US Nonfarm Payroll report. In the meantime, the short term picture continues favoring the downside, as in the 1 hour chart, the price keeps developing far below its moving averages, whilst the Momentum indicator has turned south after failing to overcome its mid-line, and the RSI hovers around 39."