Ahead of the US employment report, the focus for USD/JPY is expected to be the struggle around ¥155. The August US employment report, wage trends and the ISM non-manufacturing index will be key market data to watch in upcoming releases.
The 4 September 2026 edition of 外為どっとコム Today presents the outlook for USD/JPY today and notes that trading around ¥155 could intensify depending on the US employment report. Recent market movements have also been influenced by expectations regarding the Federal Reserve’s interest-rate outlook and the Bank of Japan’s policy direction. In the New York session, the US August employment report is scheduled for release, with particular focus on nonfarm payrolls (NFP) and trends in average hourly earnings.
Today’s economic indicators and events include a speech by Bank of England Governor Bailey, eurozone retail sales, a speech by the ECB President, and the US August figures for nonfarm payrolls, the unemployment rate and average hourly earnings. The release schedule for these data points and events could become a source of short-term volatility in the foreign exchange market.
The USD/JPY forecast range is given as 154.500–157.500. While the area around the lows following the Japan-US coordinated intervention at the end of July could provide support, a new trend could also emerge depending on the employment report. The article points out that the results of the US employment report will affect the Federal Reserve’s future policy decisions.