Yesterday the USDJPY was weak immediately after the opening, but turned upward shortly after hitting 148.17 yen at GMT 06:30. It reached a high of 148.96 yen around GMT 16:00 but did not continue to rise, and trading for the day closed at 148.77 yen.

Today the USDJPY saw yen buying in response to the positive results of Japan's February CPI announced at GMT 23:30 (on March 20), touching a low of 148.58 yen, but it has been firm since recovering afterward, and as of GMT 05:00, it is approaching the mid-149 yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:50 on March 21), the bands that had been contracting are widening, and the upward momentum is increasing. It seems appropriate to maintain an upward outlook until the price reaches 150 yen.

Today, no closely watched economic indicators are scheduled for release.