Yesterday the USDJPY lacked a sense of direction until the New York session, trading in a range-bound market in the 143-yen zone.

The U.S. ADP employment figures for August that were announced at GMT 12:15 were weak, coming in at 99,000 as opposed to forecasts of 145,000, and resulted in the USDJPY falling. However, it bottomed at 142.82 yen, and returned to the 143-yen range.

In addition, the August ISM Services PMI for the U.S. was announced at GMT 14:00. This came in at a fairly positive 51.5 versus expectations of 51.1, but after peaking at a high of 144.22 at around GMT 14:30 the USDJPY's upward momentum stalled, and trading for the day closed at 143.43. The market settled into a mood of waiting for the results of Friday's U.S. employment data.

Today the USDJPY trended down in the morning of the Tokyo session, breaking below 143 at around GMT 05:30.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on September 6), it has fallen to just above the recent low of 142.84.

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

Today's main economic indicators are as follows.

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

Depending on the results for the employment figures, it is certainly possible that we could see the market fall to new lows.