As I indicated above, it is two lines switching at 3V levels. Not 5V.
As we have discussed, USB uses a differential transmission pair for data. This is encoded using NRZI and is bit stuffed to ensure adequate transitions in the data stream. On low and full speed devices, a differential ‘1’ is transmitted by pulling D+ over 2.8V with a 15K ohm resistor pulled to ground and D- under 0.3V with a 1.5K ohm resistor pulled to 3.6V. A differential ‘0’ on the other hand is a D- greater than 2.8V and a D+ less than 0.3V with the same appropriate pull down/up resistors.
The receiver defines a differential ‘1’ as D+ 200mV greater than D- and a differential ‘0’ as D+ 200mV less than D-. The polarity of the signal is inverted depending on the speed of the bus. Therefore the terms ‘J’ and ‘K’ states are used in signifying the logic levels. In low speed a ‘J’ state is a differential 0. In high speed a ‘J’ state is a differential 1.