USD/JPY pushes back towards 107.50 as risk recovers

• Yen pumped and dumped on roundtrip risk flight on further tariffs.
• Markets are geared for NFP Friday as jobs report comes in for a landing.

The USD/JPY has recovered from the early Asia session's run into the safe haven Yen, and the pair is heading back up into the 107.40 area.

The Asia session kicked off with a risk flight into the Yen following President Trump's announcement he was seeking further tariffs on an additional $100B worth of Chinese-made goods, but markets have reversed the action ahead of the European market session.

The Chinese government's response to the latest tariff threat is going to wait until next week, with China celebrating a long weekend holiday, and the market is geared for NFP Friday in the US session, with the jobs report dropping at 12:30 GMT.

USD/JPY Levels to watch

With the USD/JPY back into the days starting prices, resistance gains an added boost from here, and as FXStreet's Chief Analyst Valeri Bednarik noted, "The pair faces now resistance at 107.67, the high established on February 27th. In the mentioned chart, the pair is well above its moving averages that remain directionless, while technical indicators have stalled their advances around at overbought readings, slightly retreating amid lower volumes at this time of the day, than signaling upward exhaustion."