• USD/JPY traded just within Tues's 142.215-3.545 range on Wed

• Down first in risk-off/yen-on response to Fitch's US downgrade

• New post-BoJ 10-year JGB yield highs made despite BoJ QE operation

• Big ADP beat was the main driver for USD/JPY's Wed rebound

• But ADP's dodgy correlation with NFP makes Fri's jobs report pivotal

• No change in pricing in that Fed hikes likely peaked last week

• And the Tsy yields rebound & USD rise were curtailed by stocks drop

• Thur's claims and ISM non-mfg are key event risks prior to NFP Fri

• Prices closer to June's 145.07 peak than Tsy-JGB spreads are to July high

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