Yesterday, the U.S. dollar-Japanese yen rate continued its attempt to reach new levels, and hit a high of 151.95 before 11 p.m. However, the price was unable to get to 152, and by around 1:30 a.m. on April 4 it had fallen back to 151.57.

The ISM Services PMI for March, which was announced yesterday, undershot expectations by coming in at 51.4 against a forecast of 52.7. ADP employment (MoM) rose by 184,000, which was better than the expected 148,000.

Today the yen touched a low of 151.53 just after 9 a.m. before beginning to rise, and posted a high of 151.72 not long after midday.

The 60-minute chart of the yen (as of 00:20 on April 4), shows the price trying to achieve a new high for recent trading of 151.945, but failing to break out and subsequently falling back in a sharp reversal.

(20-period Bollinger Band, showing +1 SD, +2 SD)

Today's main economic indicators are as follows.

• 21:30 U.S. February Trade balance
• 21:30 U.S. Initial jobless claims for the previous week
• 21:30 U.S. Continuing jobless claims for the previous week

Tomorrow we have the closely watched employment figures to look forward to.