Yesterday the USDJPY continued a gradual rise from its low of 147.78 reached around GMT 01:30. The August ADP employment report released at GMT 12:15 showed poor results and temporarily pushed the pair lower, but the market resumed its upward trend and hit a high of 148.77 shortly after GMT 15:00. Trading for the day closed at 148.48 yen.

Today the USDJPY has been trending lower since hitting a high of 148.51 shortly after GMT 22:30 (on September 4), 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 05:20 on September 5), while there has been back-and-forth movement, the stalemate in the 148-yen range continues. This appears to be a situation where it is preferable to wait for movement - either a break above the 149-yen range or below the 148-yen range.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. August Nonfarm payrolls
• GMT 12:30 U.S. August Unemployment rate
• GMT 12:30 U.S. August Average hourly earnings