The US jobs report will be released a day early ahead of the 4th of July long holiday weekend starting on Friday. US markets and government offices will be closed tomorrow. The expectations are for:Unemployment rate 4.3% vs 4.3% lastNon Farm Payroll 110K vs 172K lastPrivate Payroll 110K vs 120K lastAverage Earnings MoM 0.3% vs 0.3% lastAverage Earnings YoY 3.5% vs 3.4% lastAverage Workweek 34.3 hours vs 34.3 hours lastParticipation Rate 61.8% lastThe USD is lower vs the major currencies with the USDJPY the biggest decliner of the big 3 at down -0.70%. The USD is lower vs the EUR (-0.26%) and the GBP (-0.37%) as well. Japan is shifting to unsignalled, ambush-style intervention against yen short sellers rather than telegraphing risks in advance, sources tell Reuters, as the yen hits 40 year lows. That helped to send the USDJPY lower and through both its 100 and 200 hour MAs - shifting the bias to the downside.A summary of the action:Japanese officials are moving away from telegraphing intervention risk and toward unsignalled action designed to squeeze speculative yen short positions, sources sayAuthorities are avoiding any suggestion of a specific yen level that would trigger intervention, with timing instead focused on preventing excessive fallsThe yen slumped to a 40 year low of 162.66 per dollar on Tuesday and was trading near 162.50 in Tokyo on ThursdayJapan spent a record 11.7 trillion yen, around $72 billion, intervening between late April and early May, though the boost to the yen was quickly reversedBOJ Deputy Governor Ryozo Himino has warned that a weak yen may boost underlying inflation as import costs riseThe BOJ's quarterly tankan survey showed business sentiment at an eight year high and record corporate inflation expectations, reinforcing the case for further rate hikesThe BOJ's 1% policy rate remains far below the Fed's 3.50% to 3.75%, preserving a wide rate gap that continues to encourage yen sellingThe EUR and GBP both gained vs the USD pulled higher (lower USD) by the JPY's move. In the video above, I take a closer look at the price action and go through the bias, the targets and the risks through the US jobs report. US stock future are implying a modestly higher levelsS&P up 15 pointsDow up 163 pointsNasdaq up 86 pointsUS yields are continuing the move higher 2 year yield 4.178%, up 1.4 basis points5 year yield 4.251%, up 2.1 basis points10 year yield 4.497%, p 2.2 basis points30 year yield 4.987%, up 2.1 basis points. This article was written by Greg Michalowski at investinglive.com.