Yesterday the USDJPY recorded significant movement, both up and down. At around GMT 01:30 the yen touched a low of 155.35, but then reversed direction and by about GMT 13:00 had risen to reach a high of 156.44. However, this triggered a selloff and by late evening (GMT) the yen had hit a low of 155.47.

Today the USDJPY lost momentum after hitting a high of 155.93 at around GMT 01:00, and by GMT 04:00 it was trading in the upper half of the 155-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:05 on June 7), the upper and lower Bollinger Bands are separated from its center line by a roughly equal amount, indicating a range-bound market.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. May Nonfarm payrolls (MoM)
• GMT 12:30 U.S. May Unemployment rate
• GMT 12:30 U.S. May Average hourly earnings (MoM)
• GMT 12:30 U.S. May Average hourly earnings (YoY)

Between now and the employment statistics, price movements may well lack force.