Yesterday the USDJPY reached a high of 143.59 yen shortly after GMT 00:30, and has since been trading range-bound around 143 yen.

The April NY Empire State Manufacturing Index announced at GMT 12:15 came in at -8.1, better than the forecast of -14.5, but market reaction was muted. The price hit a low of 142.59 yen, and trading for the day closed at 143.20 yen.

Today the USDJPY reached a high of 143.28 yen shortly after GMT 23:00 (on April 15) before declining, hitting a low of 142.46 yen around GMT 04:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on April 16), it appears to be breaking below the consolidation range and approaching the support line around 142.22 yen. With the narrowing bandwidth, if it breaks below this level, there is potential for a rapid move toward the 140-yen range.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. March Retail sales
• GMT 13:15 U.S. March Industrial production
• GMT 17:30 U.S. Statements from FRB Chairman Jerome Powell