The pair is down another 0.3% today to just under 143.00 now, revisiting the overnight lows right after the US ADP employment change here. The thing is, the bond market is now convinced of a softer turn in the labour market and is pricing in more downside. In that lieu, traders are trying to skew the narrative towards a 50 bps rate cut by the Fed this month.The real question now is, will they get it? And that will ride a lot on how the non-farm payrolls report plays out tomorrow. If you missed it, this was a very good piece in trying to identify with that.Going back to USD/JPY, the pair continues to sit on the brink of a stronger break to the downside. The ADP roulette yesterday turned out b
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