* Dollar rebound from lows runs out of steam
* Market players brace for surprises from payrolls, G7
* Yen near 15-year high, intervention fear eases slightly
By Hideyuki Sano
TOKYO, Oct 8 (Reuters) - The dollar came under pressure again on Friday, starting to lose gains its made from a bout of profit-taking to adjust positions ahead of U.S. jobs data and Group of Seven (G7) and IMF meetings later in the week.
The Japanese yen held near its 15-year peak against the dollar as traders are starting to feel that Japan may not intervene for now -- at least not as aggressively as it did last month -- to keep the yen's gains in check.
"There's speculation that, if the G7 wants a coordinated stance to put pressure on China to raise the yuan, then it becomes more difficult for Japan to intervene," said a dealer at a Japanese brokerage house.
Many market players think expectations of quantitative easing by the Fed will keep pushing the dollar lower, even though some traders were turning cautious, on the chance that surprise strength in U.S. payroll data could set that scenario back.
Data on Thursday showed U.S. initial jobless claims hit a three-month low, although their four-week average, considered a gauge of their underlying trend, is showing no signs of a significant decline from recent levels.
The payroll data could change investor sentiment as stubbornly high unemployment is a major reason the market thinks the Fed will act.
But many market players also said a single month of strong job growth is unlikely to dispel expectations of more easing.
"If non-farm payrolls data improves and the unemployment rate decreases then the dollar may recover for several days but that won't change the big picture of low inflation," said Masafumi Yamamoto, chief Japan FX strategist at Barclays.
"Ahead of the FOMC meeting (on Nov. 3) the dollar's recovery is likely to be very temporary."
Markets are also wary that the G7 and IMF meetings starting on Friday may produce a surprise in the way of a coordinated front on currencies, as calls have mounted for global efforts to avoid competitive currency devaluations.
WARINESS OVER PAYROLLS
This wariness helped to knock the euro off an eight-month high of $1.4030 hit on the EBS platform on Thursday, though the euro resumed its uptick in Asian trade to mark $1.3960, up 0.2 percent on the day.
The dollar index against a basket of six currencies slipped 0.2 percent to 77.26, edging towards an 8 1/2-month low of 76.906 hit on Thursday.
George Davis, chief technical analyst at RBC Dominion Securities, said in a report that the index's valuations had reached oversold levels.
But he added: "Retracements to resistance at 79.02 and 80.34 are expected to attract selling interest for a move to the initial support target denoted by the 2010 low at 76.60."
Against the yen, the dollar traded at 82.28 yen, less than 20 pips from a 15-year low of 82.11 yen hit on Thursday.
Option barriers are lined up at 82 yen and below, which traders may try to trigger, although some traders said the dollar was more likely to stay above Thursday's low before the U.S. payroll data.
Japanese Prime Minister Naoto Kan said Japan will take decisive steps on forex if needed but added it also wants to cooperate with the G7 and other countries.
Traders think Japanese intervention will not go down well with other G7 members, which want emerging economies currencies, notably many in Asia, to strengthen more.
Ahead of the G7/IMF meeting, the People's Bank of China fixed the yuan's daily mid-point versus the dollar at a record high of 6.6830 on Friday.
Minori Uchida, currency analyst at Bank of Tokyo-Mitsubishi UFJ, said Japan is likely to intervene again when the dollar falls.
"But it won't be easy to get other G7 countries to accept Japan's intervention. It might be difficult to sell 2 trillion yen like it did before (on Sept. 15)," he added.
The Australian dollar gained 0.3 percent at $0.9845, edging back towards $0.9918, its highest since the currency was floated in 1983 struck on Thursday.
Its hefty yield advantage means the currency is likely to keep attracting capital flows from an increasing number of low-yielding countries in the developed world. (Additional reporting by Charlotte Cooper; Editing by Joseph Radford)