USD/JPY is at the best levels of the day, up 66 pis to 148.75.
The climb is a continuation of the moves that followed today's data slate. The numbers weren't great but they were good enough to sooth nerves after yesterday's Beige Book highlighted the risks around a stagnant economy. There could also be an element of position squaring ahead of Friday's non-farm payrolls report and the turn of the calendar into September.
Technically, the wipe out of yesterdays' decline in short order is a good sign but it also reinforces a series of higher lows and higher highs that began in mid-August.
Overall though, there isn't a strong signal on the chart but if tomorrow's jobs number is decent, then there is a fair chance we price-out some Fed cuts and push back to 151.00.
