USD/JPY moved up and down around the ¥158 mark during the Tokyo morning session, with directional trading limited ahead of the US employment report. EUR/JPY traded in the mid-¥177s, GBP/JPY in the mid-¥208s and AUD/JPY in the first half of the ¥109s.
In the Tokyo market, USD/JPY moved toward a stronger yen, falling to around ¥157.79, before rebounding to around ¥158.22. Overall, it moved up and down around the ¥158 mark, with no major move emerging ahead of the US employment report.
The other major currency pairs also showed little active price movement. EUR/JPY traded in the mid-¥177s, GBP/JPY in the mid-¥208s and AUD/JPY in the first half of the ¥109s. As with USD/JPY, the market continued to lack a clear short-term direction.
Market participants believe activity in the foreign exchange market is subdued ahead of tonight's US employment report. Attention is focused on the US data and the resulting movement in long-term US Treasury yields, but there are currently no signs of a major move, and many expect the wait-and-see mood to continue through the morning session.