On Friday of last week the USDJPY reached a high of 145.92 yen around GMT 00:30, then turned downward.

Despite strong results from the U.S. employment statistics released around GMT 12:30, the decline continued, touching a low of 143.73 yen around GMT 13:30. It subsequently rebounded, and trading for the week closed at 144.93 yen.

Today the USDJPY was weak right from the opening, reaching a low of 144.06 yen around GMT 02:30. As of GMT 04:30, it is moving in the lower 144-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on May 5), selling pressure has intensified, with range-bound trading near -1 standard deviation. The middle line is pointing downward, with attention on a potential break below 143.73 yen.

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

The main economic indicators for today are as follows:

• GMT 13:45 U.S. April Services Purchasing Managers Index (PMI, revised)
• GMT 13:45 U.S. April Composite Purchasing Managers Index (PMI, revised)
• GMT 14:00 U.S. April ISM Services PMI