On Friday of last week the USDJPY saw dollar strength prevail after President Trump announced plans to impose uniform 15-20% tariffs on many countries, strengthening expectations that U.S. rate cuts would be delayed.

The pair remained firm with a low of 146.13 immediately after the opening, reaching a high of 147.52 shortly after GMT 14:00 and trading for the day closed at 147.39.

Today the USDJPY hit a high of 147.57 around GMT 23:00 (on July 13) before pulling back to a low of 146.84 around GMT 01:00, and as of GMT 05:00 is consolidating in the upper 147-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on July 14), the pair is making higher highs amid volatility, with the middle line trending upward. If the price breaks clearly above 147.50, the next target appears to be 148.0.

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

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