Yesterday the USDJPY moved steadily higher from the opening, reaching a high of 147.94 around GMT 07:00, but then declined. The price bottomed out at 146.30 yen shortly after GMT 16:00, and trading for the day closed at 146.60 yen.

Today the USDJPY saw yen buying on reports that U.S.-Japan tariffs would reach 15%, hitting a low of 146.19 shortly after GMT 00:00, but this was followed by yen selling after reports emerged suggesting Prime Minister Ishiba would step down. The price reached a high of 147.20 around GMT 02:30 and as of GMT 04:00 is consolidating near 147.0 yen.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on July 23), while selling pressure dominates, the pair has crossed above the downward-sloping middle line, making it difficult to gauge direction.

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

The main economic indicators for today are as follows:

• GMT 14:00 U.S. June Existing home sales