Fed May Pause, But tightening may not

Soft U.S. jobs data suggest Fed set to pause tomorrow, though more rate hikes may be on cards, It doesnt looks Fed's tightening cycle is over, but Friday's payrolls number suggests there's a good reason to pause rate hikes this week.
But as FX players have been gradually pricing in likelihood of Fed pause into USD/JPY, adds immediate FX reaction may be limited, though other factors, including BOJ policy meeting, repatriation of U.S. Treasury coupon payments could keep pressure on USD near term.
We could see USD/JPY in 113-116 range this month.