On Friday of last week the USDJPY reached a high of 151.21 yen shortly after GMT 00:30, and then trended downward.

It rebounded to 150.93 yen shortly after GMT 12:30, but sell orders on the rise intensified, and it reached a low of 149.68 yen shortly after GMT 20:00, with trading for the week closing at 149.82 yen.

Today the USDJPY is experiencing risk-averse yen appreciation in response to reports that President Trump is considering higher tariffs on a wider range of countries. It bottomed out at a low of 148.72 yen shortly after GMT 02:30, and as of GMT 04:00, it is gradually rising in the 148.9-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on March 31), it had been in a downward band walk, but has temporarily stopped falling and shows signs of rebounding. If it clearly breaks below the recent low, the downward trend appears likely to continue.

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

The main economic indicators for today are as follows:

• GMT 13:45 U.S. March Chicago Purchasing Managers Index