Yesterday the USDJPY market saw the yen becoming progressively stronger and the dollar becoming progressively weaker throughout the day. The price rose in the first half of the Tokyo session, reaching a high of 157.47 before GMT 04:00, but from GMT 06:00 onwards it fell continuously until it hit a low of 155.94 before GMT 16:00.

Today the USDJPY rebounded after forming a double or triple bottom, and has recovered to the 156-yen level. It recorded a high of 156.48 shortly after GMT 01:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:35 on June 4), after the price broke through the -2 standard deviation Bollinger Band, it appears to be in an upward retracement that has taken it through the -1 standard deviation band.

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

Today's main economic indicators are as follows.

• GMT 14:00 U.S. April JOLTS Job Openings
• GMT 14:00 U.S. April Factory Orders (MoM)