Yesterday the USDJPY trended downward with ups and downs from a high of 148.12 yen reached around GMT 22:30 (on April 7). Risk aversion led to yen buying and dollar selling ahead of the Trump tariffs implementation the following day, reaching a low of 145.96 yen around GMT 19:30, and trading for the day closed at 146.27 yen.

Today the USDJPY saw increased yen buying due to the U.S. government's announcement of guidance on China tariffs and the implementation of Trump tariffs, reaching a high of 146.34 yen around GMT 22:00 (on April 8), followed by a continued decline, hitting a low of 144.57 yen shortly after GMT 04:00. As of GMT 05:00, it is trying to return to the 145-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:40 on April 9), the downward Bollinger Band walk continues, suggesting a trend of pursuing lower values. If it clearly breaks below last week's low of 144.55 yen, the next target would likely be the critical 140-yen level.

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

The main economic indicators for today are as follows:

• GMT 18:00 U.S. Federal Open Market Committee (FOMC) Meeting Minutes