USD/JPY off the lows as US jobs report looms

As usual we should expect the USD/JPY to be front and centre when it comes to any reaction to the US jobs report, due out in around 20 minutes. Earlier the USD/JPY did seem to trip stops, when it took out the previous 2025 low, set yesterday at 147.31. The risk of that happening was highlighted here. The low seen earlier this morning was set at 147.21, but that was the extent of the follow-through. That suggests it did just enough to remove some stops in place just below 147.31 and little more. It has since rebounded back to around 147.85 about an hour ago. The USD/JPY is surely going to react to any surprise in the US jobs report and the immediate reaction will be instant as usual. Perhaps we shall wait for the dust to settle before looking at what the jobs numbers might been in directional terms ahead of the weekend. To be honest with you though, it looks like it will need to be pretty good set of jobs data to help the dollar make any lasting gains ahead of the weekend. The USD/JPY is currently trading at 147.75