Yesterday the mood of the market was one of waiting for the FOMC release, and the USDJPY continued to trade in the 141-yen range until about GMT 18:00.

The cut to the policy rate announced by the FOMC was one of 0.5%. Directly after the announcement the USDJPY fell to 140.43, but after FRB Chairman Jerome Powell emphasized at his press conference that the FOMC is in no rush to cut further, it was bought back heavily and started to rise. After hitting a high of 142.71 shortly after GMT 19:30, the price pulled back and trading for the day closed at 142.26.

Today the USDJPY inherited the upward trend that had continued since the FOMC announcement, with the market hitting a high of 143.94 at GMT 01:30.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on September 19), having once broken below 140 yen and bottomed at around that level, the price is now trending upward and making higher highs and higher lows.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. Current account Q2
• GMT 12:30 U.S. September Philadelphia Fed Manufacturing Index
• GMT 12:30 U.S. Initial jobless claims for the previous week
• GMT 12:30 U.S. Continuing jobless claims for the previous week
• GMT 14:00 U.S. August Leading Index (MoM)
• GMT 14:00 U.S. August Existing home sales (seasonally adjusted annual rate)
• GMT 14:00 U.S. August Existing home sales (MoM)