During the Tokyo session yesterday the USDJPY traded between the middle of the 147-yen range and the lower half of the 148-yen range, then drifted down so that at around GMT 07:30 it hit a low of 147.34.

The decline stopped there and the price began to rise, but from the New York session onwards it developed into a range-bound market at the lower end of the 148-yen zone. Some time around GMT 19:00 the market hit a high of 148.37, and trading for the day closed at 148.18.

So far today the USDJPY has been making new highs and new lows as the amplitude of its fluctuations has increased. At about GMT 05:00 it rose sharply, temporarily reaching 148.50.

A look at the 1-hour chart of the USDJPY (as of GMT 05:10 on October 9) confirms that the downward drift of the previous day has come to an end and that the direction of the price has switched to a gradual rise.

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

This week the market awaits the minutes of the FOMC and the CPI in the U.S., so traders should also prepare for scenarios in which volatility increases.

Today's main economic indicators are as follows.

• GMT 18:00 U.S. Federal Open Market Committee (FOMC) Meeting Minutes