Last Friday there was no clear direction to the USDJPY during the Tokyo or London sessions, but the price marked a low of 151.85 yen after the announcement of the employment figures, which were worse than expected. It subsequently recovered to end the week at 152.96 yen.

Today the USDJPY began trending upward directly after trading commenced, and just before GMT 04:00 it hit a high of 153.97 yen.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on May 6), the price reverses into a rising trend after hitting the -2 standard deviation Bollinger Band.

If we look only at the shape of the Bollinger Bands, price movement appears to have calmed down to some extent. Nevertheless, the market has come through a period of wild fluctuations caused by what is thought to have been currency intervention, and volatility is higher than normal.

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

No closely watched economic indicators or comments by influential individuals are scheduled for today.