Credit Agricole CIB Research discusses its expectations for tomorrow's NFP print for the month of April.

"The resteepening in the UST curve as well as stronger equity markets offered only modest support to USD/JPY. Going forward, while a 75bp rate hike is not likely, more rate hikes are coming fast and US inflation risks are being stickier to the upside than investors currently expect," 

"US non-farm payrolls data will be the next important event for USD/JPY. Our US economist expects strong employment growth of 400k and the unemployment rate to nudge down to 3.5%. There will also be a lot of focus on wages growth and the risk of it signalling a wage-price spiral and potentially more aggressive rate hikes. Our US economist looks for average hourly earnings growth to pick up further, from 5.4% YoY to 5.5% YoY," CACIB adds.