Downside risks remain for the USD/JPY ahead of US jobs report

As noted here a few times both yesterday and the day before, the important technical level at 148.54 on the USD/JPY was reached. That price point represents a 61.8% correction of the upside move, from 140.25, to the recent multi-decade high set in July, at 161.95. The rebound at the first time asking yesterday, from a low at 148.51, saw the dollar lift to 150.89 just ahead of the ISM report yesterday afternoon. However, since then the USD/JPY has fallen back and earlier this morning it came close to that 148.54 level again. The low seen during the Asian session was set at 148.63. The rebound since to just above 149.30 earlier this morning has met with sellers and that has pushed the dollar back below 149, where it is right now. So, the risks of a break below 148.51 are still live it would seem and what the dollar really needs today, is a strong US payroll number to alleviate that risk. All to be revealed at 12.30pm GMT. The USD/JPY is currently trading at 148.85