It’s likely a fool’s errand to try to make sense of price action in the hour before the non-farm payrolls report but USD/JPY is at the highs of the day, up 58 pips to 149.09. It’s getting help from a 3.4 bps rise in 5-year yields to 4.71% the rest of the curve is up 2.5-3.5 bps as well.

The pair is starting to brush against some post-intervention highs but continue to run to 149.31 and those surely won’t be tested before non-farm payrolls. Afterwards, a strong jobs report would leave some room to the upside before the 150.00 level puts intervention back on the agenda.

This article was written by Adam Button at www.forexlive.com.