USD/JPY daily chart
In European trading yesterday, the pair found itself settling below the 157 level here. This before the reaction to the US data helped push the pair above the figure level. This brings us to the present. Price action is now finding a new number level to settle just below, which is 158. It's a similar story with dip buyers trying to push the limits slowly, but not so much that it prompts Japan to intervene again.
However, today we still have some major risk events to deal with. US data will be in focus again and we have a large number of them on the agenda. There are ADP Employment Change, ISM Manufacturing PMI, and JOLTS Employment Change in the spreadsheet. Then, there is the FOMC meeting decision and Powell's press conference.
One can assume that Japanese officials are watching all of this closely to gauge the USD/JPY reaction before they have to react.
But for now, cautious tones prevail again as dip buyers wait for the right moment to pounce further. They hope the US data will give them a reason to do so later.