There's another day to go before NFP, but today is no slouch.  Not only are trading levels currently evaluating a bounce at a long term inflection point, but most of the free world's financial markets will be fully closed today (thus potentially increasing participation today).

The important levels go all the way back to 2011 when they served as the lower bound for 10yr yields, for the most part, when Europe began flaring up in earnest.  Then in 2012 they served as clear support for the low rate golden era before finally being broken in early 2013. 

As yields have reapproached this inflection zone, it's clear that there's still a lot of technical significance there.  In fact, it was precisely on the upper end of the zone that yields chose to bounce on the crazy October 15th rally.  Why there as opposed to any other nearby level? 

Sure it could be coincidence, but these mid 1.8's are definitely special.  I would consider them--quite simply--to be the dividing line between the aforementioned 'golden era' and everything else.  True, they were broken in early 2015, but if you expect important technical levels (or moving averages, or any line in any technical study) to remain perfectly unbroken, you'll be sorely disappointed.  They can only ever be "usually relevant."  If they were permanently relevant, the jig would be up and markets would be broken.

Even as yields broke through the technical levels, they still managed to pay respect.  It's interesting that during the time of the breakout, yields traded through the technical range, but never closed above it until they were ready to move back to the other side (see the spiky candle in mid January).

All this to say that rates in general are once again knocking on the golden era door, only this time they've gotten there in a much more sober and measured fashion.  Be cautious though, the double bounce at 1.852 should be considered a threat until/unless we break through today or tomorrow morning.  Also, markets have probably done more to price in a weak NFP, so there's higher risk involved with a strong reading.

As for today's data, there's nothing of burning import.  There is data, to be sure (trade gap, jobless claims, ISM New York, and Factory Orders), but these are 3rd tier reports in the current environment, and would have to be ridiculously out of bounds to merit anyone's attention.