On Friday of last week the USDJPY moved up and down in directionless trading. Despite hitting a high of 161.39 in the morning, the price subsequently reversed. However, directly after the U.S. employment statistics were announced at GMT 12:30 it rebounded after reaching a low of 160.32, rising to a high of 161.32 shortly after GMT 14:00.

Looking at the detail of the employment statistics, nonfarm payrolls for June rose by 206,000 month on month, exceeding expectations, but the figure for the previous announcement was revised down significantly from 272,000 to 218,000.

The unemployment rate rose, and average hourly earnings were flat.

Today the USDJPY began trending down in the morning, but despite touching a low of 160.26 shortly after GMT 02:30 the price then rebounded.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:15 on July 8), it appears to be trending down amid significant fluctuations in the price. The increase that began with the announcement of the employment figures reversed when the price hit resistance.

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

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