On Friday of last week, in the aftermath of the plunge in the market that followed Thursday's Consumer Price Index (CPI), the USDJPY was in a state of high volatility with repeated fluctuations in the price. There were passages of violent up-and-down movement between GMT 23:00 and GMT 00:00 and again after GMT 12:00.

Ultimately trading for the week ended at 157.86 yen.

Due in part to the Tokyo market being on holiday today, trading in the USDJPY lacked direction despite.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on July 15), the contraction in the Bollinger Band shows that the volatility that had risen as a result of the wild price movements of the previous week has to some extent fallen.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. July New York Empire State Manufacturing Index
• GMT 16:30 U.S. Statements from FRB Chairman Jerome Powell