Yesterday the USDJPY reached a high of 149.13 yen shortly after GMT 07:00, but lost momentum when the July Job Openings and Labor Turnover Survey (JOLTS) job openings data released at GMT 14:00 came in disappointing. The pair hit a low of 147.88 after GMT 17:00 and trading for the day closed at 148.07.

Today the USDJPY touched a low of 147.78 yen around GMT 01:30, then moved somewhat firmly higher, and as of GMT 05:00 is trading in the lower 148-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:30 on September 4), despite the volatility, the market appears to be in a range within the 148-yen level. The best strategy seems to be following whichever direction breaks the immediate high and low levels.

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

The main economic indicators for today are as follows:

• GMT 12:15 U.S. August ADP employment change
• GMT 13:45 U.S. August Services Purchasing Managers Index (PMI, revised)
• GMT 13:45 U.S. August Composite Purchasing Managers Index (PMI, revised)
• GMT 14:00 U.S. August ISM Services PMI