Yesterday the USDJPY hit a low of 144.22 shortly after GMT 01:00, but when reports emerged that President Trump had notified Japan and South Korea of 25% tariffs, it turned upward, and while consolidating along the way, reached a high of 146.24 around GMT 18:30.

The rise settled down after exceeding 146, and trading for the day closed at 146.05.

Today the USDJPY rose after hitting a low of 145.83 around GMT 00:00, and reached a high of 146.44 shortly after GMT 01:00. The rise paused there, and as of GMT 05:00, the price is moving in the upper 145-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:50 on July 8), the rise has settled down after exceeding 146 and is moving sideways. If the price records a new high, it seems likely to chase higher levels, but if it breaks below 145.83, a corrective decline seems likely to progress to around 145.0 yen.

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

Today, no closely watched economic indicators are scheduled for release.