On Friday of last week, the USDJPY fell significantly after fluctuating widely when the February U.S. employment statistics, released at GMT 13:30, showed slightly weak results, reaching a low of 146.94 yen around GMT 14:30.

Afterwards, it turned to buying back, and partly because Fed Chairman Jerome Powell indicated he would not rush into rate cuts, the price reached a high of 148.20 yen around GMT 19:30, and trading for the week closed at 147.99 yen.

As a so-called "5/10 day" (a date ending in "5" or on a multiple of "10" on which Japanese companies often settle foreign exchange payments), today the USDJPY reached a low of 147.08 yen shortly after GMT 01:00 as the market reacted with dollar selling after President Trump did not deny the possibility of a U.S. economic recession. It rebounded afterward and is currently trading in the upper 147-yen range as of GMT 04:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on March 9), the middle line has become almost horizontal, making it difficult to grasp the direction. It seems better to be cautious about the price breaking below the March 7 low rather than breaking above the March 7 high.

Today, no strongly influential economic indicators are scheduled for release.