Yesterday the USDJPY reached a high of 142.10 yen around GMT 22:00 (on April 20), then declined following reports that President Trump suggested dismissing Fed Chair Jerome Powell.

Shortly after GMT 09:00, it hit a low of 140.47 yen and stabilized, subsequently trading in the upper 140-yen range, and trading for the day closed at 140.82 yen.

Today the USDJPY reached a high of 141.17 yen around GMT 01:30, then began to decline, hitting a low of 140.10 yen around GMT 03:30, and as of GMT 04:00, it continues to fluctuate around that level.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:50 on April 22), it has broken below the consolidation range and downward momentum is building. It appears likely to consolidate again near the key 140.0 yen level, but breaking below that could strengthen the downward momentum.

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

The main economic indicators for today are as follows:

• GMT 14:00 U.S. April Richmond Fed manufacturing index