Yesterday the USDJPY set a low of 148.00 at around GMT 00:30, but then went on to move upward while continuing to make higher highs and higher lows, breaking into the 149-yen range at around GMT 13:30.

After that, at GMT 18:00, the FOMC minutes were announced in the U.S. There were hints that several persons supported a interest rate cut of 0.25%, but it seems that ultimately they went along with the majority and gave a positive vote for a 0.50% cut. The USDJPY reached a high of 149.36 at about GMT 18:30, and closed on that high.

Movement in the USDJPY was sluggish in the first half of the Tokyo session today, but a rise in the price between GMT 04:00 and GMT 05:00 led to the previous high being exceeded and a new high of 149.54 being set.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:15 on October 10), it has described a gentle curve resembling a cup-and-saucer pattern, and there is the possibility of a full-fledged breakout to the upside.

However, the current state of low volatility may continue until the announcement of the U.S. CPI for September at GMT 12:30.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. September Consumer Price Index (CPI, MoM /YoY)
• GMT 12:30 U.S. September Consumer Price Index (Core CPI, MoM/YoY)
• GMT 12:30 U.S. Initial jobless claims for the previous week
• GMT 12:30 U.S. Continuing jobless claims for the previous week