Yesterday the USDJPY continued its decline that began on April 2. The March ISM Services PMI results announced at GMT 14:00 were poor, and at the same time, the currency hit a low of 145.18 yen, representing a drop of over 4 yen. It later recovered to the 146.5-yen range, but trading for the day closed at 146.05 yen.

Today the USDJPY rose from a low of 145.54 yen marked shortly after GMT 22:00 (on April 3), reaching a high of 146.40 yen around GMT 01:00, but was then pushed back. As of GMT 04:00, it is trading in the upper 145-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on April 4), the band width has narrowed, indicating that the market is in an adjustment phase accumulating energy. If it falls below the previous day's low, a break below the 145 yen level may be anticipated.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. March Nonfarm payrolls
• GMT 12:30 U.S. March Unemployment rate
• GMT 12:30 U.S. March Average hourly earnings
• GMT 15:25 U.S. Statements from FRB Chairman Jerome Powell