Danske Research sees the USD in a range-trading this week.
"This week the key event for EUR/USD will be the ECB meeting at which we expect little news. ECB is likely to upgrade their macro forecasts but signal no changes to policy. In turn, spot dollar will probably be broadly range bound and in the hands of equity sentiment over the week," Danske notes.
"On Thursday afternoon trading, USD/JPY increased and broke through the 110 level reaching the highest level since early April. Meanwhile, with the below consensus NFP-data on Friday afternoon, USD/JPY quickly followed US yields lower with spot back to the 109.5 level. Eventually, we still expect a stronger US economy driving US yields higher and continued pressure from global commodities to push for a higher USD/JPY," Danske notes.