It’s a quick drop of around 50 pips for USD/JPY this time, with the timing of things being somewhat similar to when the drop yesterday occurred. This time around at least, we’re seeing the dollar also stay under pressure across the board after having softened following the US non-farm payrolls yesterday.

In case you missed it: US June non-farm payrolls +57K vs +110K expected

USD/JPY had recovered back to around 161.50 overnight before dropping to around 160.80-20 levels after amid the poorer job figures. And as we look to European trading today, we’re seeing a drop once more with the dollar also struggling across the board.

There’s not much else stopping the pair from a flush back towards 160.00 at this stage. And that will be a critical level to see if dip buyers will have the appetite to step in again.

For now, at least Tokyo officials can breathe a little easier ahead of the weekend it would seem.

Elsewhere, EUR/USD is up 0.2% to 1.1459 and AUD/USD up 0.4% to 0.6948 on the day. Both currency pairs are trading to at least one-week highs. Meanwhile, GBP/USD is also up 0.2% to 1.3375 in keeping around fresh two-week highs from overnight.