Yesterday the USDJPY experienced wild swings due to reports on U.S.-Japan tariff negotiations and news surrounding Prime Minister Ishiba's political future, reaching a high of 147.21 around GMT 06:00, but hitting a low of 146.10 shortly after GMT 12:30. Trading for the day closed at 146.42 yen.

Today the USDJPY moved toward yen strength and dollar weakness due to receding uncertainty over tariffs and reports that Fed Chair Jerome Powell is being pressured to resign, hitting a low of 145.85 yen shortly after GMT 01:30.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on July 24), the middle line is trending downward, so it seems appropriate to maintain a downward perspective.

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

The main economic indicators for today are as follows:

• GMT 13:45 U.S. July Manufacturing Purchasing Managers Index (PMI, preliminary)
• GMT 13:45 U.S. July Services Purchasing Managers Index (PMI, preliminary)
• GMT 13:45 U.S. July Composite Purchasing Managers Index (PMI, preliminary)
• GMT 14:00 U.S. June New home sales