Yesterday, the USDJPY recovered from the plunge in the price that took place just before the close on May 1, which looked suspiciously like currency intervention, reaching a high of 156.28 shortly after GMT 01:30.

However, from there to just before the close, the price continued to trend downwards at a steady pace, hitting a low of 153.05 yen.

Continuing its downward trend in today's Tokyo session, the USDJPY fell through the low of the previous day and marked a low of 152.75 yen shortly after GMT 02:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:05 on May 3), the price initially found support at the low that came after the plunge in the price recorded the day before yesterday, but today it fell below that level. Having broken through 153 yen, there is a possibility that the downward trend will accelerate.

(20-period Bollinger Band, showing ±1 and ±2 standard deviations)

Today's main economic indicators are as follows.

• GMT 12:30 U.S. April Nonfarm payrolls (MoM)
• GMT 12:30 U.S. April Unemployment rate
• GMT 12:30 U.S. April Average hourly earnings (MoM)
• GMT 12:30 U.S. April Average hourly earnings (YoY)
• GMT 13:45 U.S. April Services Purchasing Managers Index (PMI, revised)
• GMT 13:45 U.S. April Composite Purchasing Managers Index (PMI, revised)
• GMT 14:00 U.S. April ISM Services PMI

Today all eyes will be on the employment figures at GMT 12:30.