Yesterday the USDJPY saw concentrated risk-averse dollar buying, reaching a high of 148.03 yen around GMT 11:00, but the gains halted and the price turned lower due to speculation of early U.S. rate cuts. The price hit a low of 146.01 shortly after GMT 18:00, and trading for the day closed at 146.09.

Today the USDJPY continued unwinding dollar buying as tensions in the Middle East situation eased, hitting a low of 145.29 yen shortly after GMT 03:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on June 24), after transitioning to a downward Bollinger Band walk, the downward momentum is beginning to subside, and the recent low of 145.12 yen is being watched as a lower limit.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. Q1 Current Account Balance
• GMT 13:00 U.S. April Case-Shiller home price index
• GMT 14:00 U.S. June Consumer Confidence Index
• GMT 14:00 U.S. June Richmond Fed manufacturing index
• GMT 14:00 U.S. Statements from FRB Chairman Jerome Powell