What is the "limit upon the face of the waters" in Job 26:10 (KJV)?

Job 26:10 (KJV) says: >"He hath compassed the waters with bounds, until the day and night come to an end." This verse has also been translated as: >"He hath set a compass upon the face of the waters, until the day and night come to an end." (alternative rendering from some KJV printings) The phrase "compassed the waters with bounds" or “set a compass” seems to describe God establishing a limit or boundary over the waters. I’m trying to understand what this means. What is the Hebrew word translated as “bounds” or “limit” in this verse, and what are its possible interpretations?