Important events today:

13:30 UTC-US: January labor market.

The United States will have a labor market release for January today. The decline in jobless claims indicates a possible release of data slightly better than the median forecast, which is positive for this currency pair. The uptrend in the U.S. stock market is also improving, which is also positive for the USDJPY, since the currency pair correlates with the SP500. Investors are now wagering on two stock market ideas. Firstly, future interest rate cuts of the US Federal Reserve which might start in December. The second is the acceleration of economic growth in China.

Recommendations: Buy 128.28/127.80 and TP 129.20.