On Friday of last week the USDJPY continued to decline after reaching a high of 144.06 yen around GMT 22:00 (on May 22). President Trump's suggestion of new tariffs in a social media post accelerated the decline around GMT 11:00, and the pair hit a low of 142.42 yen shortly after GMT 17:00.

The decline then subsided, and trading for the day closed at 142.54 yen.

Today the USDJPY surged immediately after the opening to reach a high of 143.08 yen but then fell back, hitting a low of 142.22 yen around GMT 02:00. As of GMT 05:00, it is trading in the upper 142-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on May 26), while the momentum of the decline has paused, the price has been unable to clearly break above the downward-sloping middle line. The downward trend appears likely to continue.

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

Today, U.S. markets are closed, and no closely watched economic indicators are scheduled for release.