Yesterday the USDJPY began rising in the Tokyo session, hitting a high of 148.22 shortly after GMT 13:30. It subsequently sold off to close at 147.18.

Temporary though the recovery to the 148-yen range was, it does suggest that the price could continue to rise as it adjusts to the earlier major sell-off.

In the first half of today's Tokyo session the USDJPY trended upward again, reaching a high of 147.51 some time after GMT 01:00.

A look at the 1-hour chart of the USDJPY (as of GMT 02:50 on August 13) shows that no clear trend has emerged even on this timescale.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. July Producer Price Index (PPI)
• GMT 12:30 U.S. July Producer Price Index (core PPI excluding food and energy)