Yesterday the USDJPY started at 143.43 yen, which was the high for the day, then traded lower. Around GMT 14:00, it hit a low of 142.51 yen, after which it recovered slightly but did not return to the 143 range, and trading for the day closed at 142.59 yen.

Today the USDJPY has been somewhat firm since the opening. Reports that China is considering exempting some U.S. products from tariffs caused a sharp rise, and around GMT 04:00, the price reached a high of 143.80 yen, and continues to rise.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on April 25), we can see that it has broken above the recent high of 143.57 yen, and the width of the Bollinger Bands is expanding. The upward trend continues, with the next target likely to be around 144.08 yen, the high from April 14.

(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 Michigan Consumer Sentiment, final