After setting a high of 153.15 on Friday of last week at around GMT 23:30 (on February 13), the USDJPY slowly declined while fluctuating in the upper 152-yen range.

U.S. January retail sales data released at GMT 13:30 came in worse than expected, with markets responding with selling pressure. The pair hit a low of 152.02 after GMT 15:00 and trading for the week closed at 152.29.

Today the USDJPY dropped to a low of 151.50 around GMT 02:30 after Japan's Q4 GDP data released at GMT 23:50 came in strong, reviving expectations for an early Bank of Japan rate hike. As of GMT 04:00, it is trading in the upper 151-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:50 February 17), it is generally trading below the middle line, repeatedly consolidating and breaking lower. Until it reaches exactly 151.00, the downward trend appears likely to continue.

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

Today, U.S. markets are closed, and no closely watched economic indicators are scheduled for release.