Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair erased most of its intraday gains after the release of soft US macroeconomic data, and trades back around the 113.50 region, the 23.6% retracement of its latest daily slump. Key Quotes: "The pair set a lower low daily basis, stalling its early rally around 114.26, having been unable to sustain gains beyond the 114.00 level. The pair will likely remain range bound during the upcoming Asian session, as investors will probably wait for the US Nonfarm Payroll report before placing their bets on the pair. Nevertheless, the technical picture is bearish, as only above 115.05, the 38.2% retracement of the same decline, the pair will be able to attract buying interest." For more information, read our latest forex news.