LONDON, May 6 Reuters The dollar was a touch lower on Monday as a soft U.S. jobs report boosted wagers that the Federal Reserve may still cut rates this year, while the yen lurched lower after last week39;s suspected intervention fuelled a wild ride.

The yen last week clocked its strongest weekly gain since early December 2022 following two bouts of suspected intervention from Tokyo to pull the currency away from a 34year low of 160.245 per dollar. It gained 3.5 in the week.

On Monday, the yen was lower, slipping 0.5 to 153.69 per dollar.

Japanese and British markets are both closed for a holiday on Monday, likely resulting in lower volumes, but with Japanese authorities choosing last week39;s quiet periods to intervene in the currency market, traders will be on high alert through the day.

The more than 9 trillion yen that the Bank of Japan is estimated to have spent to prop up the frail yen last week has only bought it some time, analysts say, as the market still views the currency as a sell.

While Japan clearly has capacity to intervene more, the broader macro environment remains quite negative for the yen, according to Goldman Sachs strategists, noting intervention success can only go so far.

But, buying time is still valuable, as it reduces the potential for economic disruptions from the exchange rate adjustment and could stabilise the currency until the economic backdrop becomes more supportive for JPY, they said in a note.

The yen has been under pressure as…