US bond yields are lower in the wake of the employment report, it should come as no surprise. 10-year notes yield 3.37% from 3.44% just before the report.

One bright spot being highlighted by economists is a drop in U-6, the so called “total'” unemployment rate including under-employed and discouraged workers. It fell to 16.7% in Dec from 17.0%, suggesting the household survey picked up hiring in small and medium-sized businesses.

USD/JPY may struggle amid lower yields…a break of the 82.80/85 level would prompt serious long-liquidation. We trade now at 83.15.