Yesterday the USDJPY hit a low of 146.84 around GMT 01:00 and rebounded, consolidating in the lower 147-yen range. However, it recorded new highs after entering New York trading hours and trading for the day closed at 147.77 shortly after GMT 20:00.

Today the USDJPY recorded new highs from the previous day's closing consolidation, reaching 147.88 shortly after GMT 23:00 (on July 14). After being pushed down by selling pressure to hit a low of 147.56 shortly after GMT 00:30, it rebounded and is currently trading in the upper 147-yen range as of GMT 04:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on July 15), the trend of breaking above consolidation ranges and recording new highs continues, with the middle line also trending upward. A bullish perspective of carefully picking up dips appears to be effective.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. June Consumer Price Index (CPI)
• GMT 12:30 U.S. June Consumer Price Index (Core CPI)
• GMT 12:30 U.S. July New York Empire State Manufacturing Index