Yesterday the USDJPY hit a high of 145.29 yen around GMT 02:00 following remarks by BOJ Governor Kazuo Ueda, then fell back and consolidated in the mid-144-yen range. Around GMT 17:00 the price returned to the 145-yen range, and trading for the day closed at 144.85 yen.

Today it was reported that the U.S. and China reached agreement on a trade framework, and the USDJPY hit a high of 145.16 yen shortly after GMT 23:00 (on June 10), but with reports that a U.S. appeals court ruled that Trump tariff measures could continue for the time being, it hit a low of 144.65 yen shortly after GMT 00:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on June 11), there is no clear sense of direction. However, the band width is contracting, and if the price breaks the recent high of 145.29 yen, 146 yen appears likely to be the next target.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. May Consumer Price Index (CPI)
• GMT 12:30 U.S. May Consumer Price Index (Core CPI)
• GMT 18:00 U.S. May Monthly Budget Statement