USD/JPY is expected to move back into the ¥160 range in the morning on safe-haven dollar buying. Meanwhile, uncertainty surrounding the US employment situation persists, warranting caution regarding the market's future direction. The expected range is ¥159.500-¥160.700.
The report was prepared at 7:30 a.m. on 2 September 2026. The expected morning range for USD/JPY is ¥159.500-¥160.700, according to a forecast provided by senior currency analyst Kanda Takuya (神田卓也) of 外為どっとコム総合研究所.
The previous day's close was approximately 0.3% higher. The resumption of US airstrikes on Iran drove crude oil prices higher, pushing the dollar up and the yen down. Safe-haven dollar buying prevailed in the market, and there was a view that USD/JPY could recover into the ¥160 range.
The main points of focus today are the August ADP national employment figures, released as a preliminary indicator ahead of the US August employment report, the employment index of the August ISM manufacturing index and the results for July JOLTS job openings. If these indicators fall short of market expectations, aggressive dollar buying could be restrained.
Regarding the future direction of USD/JPY, the pair could set new highs again depending on the course of crude oil prices amid developments in the Middle East, while volatility is also expected to depend on employment-related indicators.
Readers were directed to check the full report as the 外為どっとコムレポート, with related links also provided.