Yesterday the USDJPY was seen as being in an adjustment phase after the rise through May 12 had paused, and it traded weakly after reaching a high of 148.45 yen shortly after GMT 23:00 (on May 12).

Although it had been gradually recovering toward New York trading hours, selling accelerated when the U.S. CPI results announced at GMT 12:30 came in poor. The pair hit a low of 147.37 after GMT 19:30 and trading for the day closed at 147.47.

Today the USDJPY reached a high of 147.67 yen shortly after GMT 00:00, then declined, touching a low of 147.00 yen around GMT 01:30, and as of GMT 04:00, it is approaching today's low again.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on May 14), after the bands expanded, it is trading between -1 standard deviation and -2 standard deviations. If it clearly breaks below the 146.20 yen level, which has functioned as resistance in the past, it could potentially fall to around 145.5 yen.

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

Today, no closely watched economic indicators are scheduled for release.