Yesterday the USDJPY continued to decline shortly after the opening, reaching a low of 148.70 yen around GMT 08:00, but then shifted to dollar buying.

The good figures from the U.S. March Chicago Purchasing Managers Index announced at GMT 13:45 also provided support, with the price reaching a high of 150.26 yen shortly after GMT 19:00. Trading for the day closed at 149.95 yen.

Today the USDJPY reached a high of 150.14 yen shortly after GMT 00:00 before retreating, and as of GMT 04:00 it is trading in the 149.5-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on April 1), it bounced back from yesterday's high of 150.26 yen and is testing support around 149.40 yen. If it cannot rebound from this level, a continuation of the downward trend may be anticipated.

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

The main economic indicators for today are as follows:

• GMT 13:45 U.S. March Manufacturing Purchasing Managers Index (PMI)
• GMT 14:00 U.S. March ISM Manufacturing PMI
• GMT 14:00 U.S. February JOLTS Job Openings