On Friday of last week the USDJPY first hit a low of 148.40 at around GMT 01:00, then began to rise, making higher highs and higher lows as it did so. Shortly after GMT 10:30 it reached the 149-yen level.

At GMT 12:30 the Producer Price Index (PPI) for the U.S. in September was announced. Both the PPI and the PPI core came in with positive figures year on year, but there was a slight month-on-month deterioration in the PPI. The market initially reacted by selling dollars, but rebounded swiftly and at around GMT 14:30 it hit a high of 149.28. However, the rise in the price was not maintained beyond that point, and trading for the week closed at 149.10.

This week the USDJPY gapped down slightly at the open and started trading at 148.96 yen. This gap was then quickly filled, and the price began to rise.

Looking at the daily chart of the USDJPY (as of GMT 03:35 on October 14), the increase in the price is just about being held back by resistance at 149.38.

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

Today the U.S. market is on holiday, and no closely watched economic indicators are scheduled.