Yesterday the USDJPY traded in a range during the Tokyo and London sessions, but began to rise from around GMT 13:30 onward, then broke out on the upside to hit a recent high of 155.95 at about GMT 15:00.

The result of this ascent was that the USDJPY surged into the 156-yen range and ended the day's trading at 156.18 yen.

Today the USDJPY broke above the high of the previous day shortly after GMT 00:00, and by GMT 04:00 it was trading in the vicinity of 156.40.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on May 14), yesterday's breakout has abruptly shifted the market into an upward trend, and the price is now band-walking.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. April Producer Price Index (PPI, MoM)
• GMT 12:30 U.S. April Producer Price Index (PPI, YoY)
• GMT 12:30 U.S. April Producer Price Index (core PPI excluding food and energy, MoM)
• GMT 12:30 U.S. April Producer Price Index (core PPI excluding food and energy, YoY)
• GMT 14:00 U.S. Statements from FRB Chairman Jerome Powell