USD/JPY printed a fresh daily low under 107.00. The pair has been moving to the downside since the release of the US employment report and accelerated during the last hours amid a decline in US stocks. The pair tested earlier weekly highs near 107.40 but failed to break higher. After the release of the NFP the greenback lost strength and USD/JPY pulled back. It continued to move lower after the beginning of the US session and recently dropped to 106.93. As of writing was trading at 107.00, still looking weak on an intraday basis. The US jobs report showed that the economy added 103K jobs in March, below consensus of 193K. Average hourly earnings came in line with expectations, with a gain of 2.7% from a year ago. Overall, the headline was negative but wages rose as expected. The numbers did not alter the current stance of the jobs market, neither Fed rate hike expectations. Now, the focus turns to Fed Chair Jerome Powell's speech. The yen trimmed losses across the board amid a slide in equity prices and lower US bond yields. The DOW JONES was falling 1.50% (with the futures contract approaching overnight lows) and the NASDAQ 1.13%. Risk aversion boosted the demand for the yen.