On Friday of last week the USDJPY traded in the upper 144 yen range until the New York session but after the release of disappointing U.S. May sales data at GMT 12:30 it fell to a low of 144.38 and then rebounded. The pair hit a high of 145.38 after GMT 19:00 and trading for the day closed at 145.22.

Today the USDJPY hit a high of 145.44 yen around GMT 00:00, and then dollar buying paused. As of GMT 04:00, it is trading in the lower 145-yen range with downward movement.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on June 18), the market is in an adjustment period where a break below 145 yen is being considered. If this level is broken, the lower limit for buying on dips could be found around 144.40 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. May Housing starts
• GMT 12:30 U.S. May Building permits
• GMT 18:00 Announcement on interest rates after U.S. Federal Open Market Committee (FOMC) meeting
• GMT 18:30 U.S. Regular press conference with FRB Chairman Jerome Powell