Yesterday the USDJPY traded without direction from beginning to end. The price rebounded after touching a low of 160.26 before GMT 03:00, and just before GMT 09:00 it hit a high of 161.11. From that point on it fluctuated within the bounds set by the high and low.

Today the USDJPY recovered to the 161-yen level after bulls dominated the first half of the Tokyo session, with the price hitting a high of 161.13 shortly after GMT 02:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on July 9), the upward motion in the price is stalling in the area of the +2 standard deviation of the Bollinger Band.

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

Today's main economic indicators are as follows.

• GMT 14:00 U.S. Statements from FRB Chairman Jerome Powell

The Consumer Price Index (CPI) due on Thursday this week is closely watched, and it may be that the market will shift to a wait-and-see mode until then.