Yesterday the USDJPY traded weakly after hitting a high of 147.67 yen shortly after GMT 00:00. The downward momentum strengthened after London hours, and the price reached a low of 145.60 yen around GMT 09:30. From there, it turned to buying back, and trading for the day closed at 146.75 yen.

Today the USDJPY continued to strengthen due to caution that yen weakness correction may become a topic in future Japan-U.S. consultations, following reports that South Korea had discussions with the United States on exchange rate policy earlier this month. The price reached a low of 145.95 yen around GMT 02:30.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on May 15), it has entered a phase where sell orders on the rise is dominant, and the downward trend continues. If it clearly breaks below the 145.60 yen line, which once rebounded, it could possibly fall below 145 yen.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. April Retail sales
• GMT 12:30 U.S. April Retail sales (excluding autos)
• GMT 12:40 U.S. Statements from FRB Chairman Jerome Powel