Yesterday the USDJPY trended downward from a high of 143.98 yen reached around GMT 22:30 (on June 1). The weak U.S. May ISM Manufacturing PMI released at GMT 14:00 supported dollar weakness, and immediately after the release of the indicator, the price hit a low of 142.53 yen, with trading for the day closing at 142.66 yen.

Today the USDJPY hit a low of 142.37 yen around GMT 00:30, then reversed following BOJ Governor Kazuo Ueda's comments that he is "not in a hurry to raise rates," and as of GMT 04:30 it is trading in the lower 143-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:40 on June 3), it shows consolidation after bottoming out and rebounding, with selling pressure appearing slightly dominant. If it clearly breaks below 143.0 yen and records a new low, the price could fall further to around 142.1 yen.

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

The main economic indicators for today are as follows:

• GMT 14:00 U.S. April Factory Orders
• GMT 14:00 U.S. April JOLTS Job Openings