On Friday of last week the USDJPY saw little movement in a quiet market as many countries were closed for Good Friday. The price reached a high of 142.44 yen shortly after GMT 00:00 and a low of 142.10 yen around GMT 16:30. Trading for the day closed at 142.15 yen.

Today the USDJPY declined as dollar selling accelerated after President Trump suggested he might dismiss Fed Chair Jerome Powell, despite many countries being closed for Easter Monday. It reached a low of 140.61 yen shortly after GMT 02:30. As of GMT 04:00, it is attempting to recover toward the 141-yen level.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on April 21), the downward momentum is strong. While the price is rebounding toward 141 yen, if it fails to break above this level, selling pressure may intensify again, potentially pushing it below 140 yen.

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

The main economic indicators for today are as follows:

• GMT 14:00 U.S. March Leading Index