Yesterday, the USDJPY turned upward after hitting a low of 147.51 around GMT 02:00 and dollar buying gained momentum. The pair climbed to a high of 148.57 around GMT 20:00 and trading for the day closed at 148.49 yen.

Today, after consolidating around the mid-148 level, the USDJPY reached a high of 148.71 shortly after GMT 00:30. The price has since retreated, trading firmly in the lower 148-yen range as of GMT 04:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on July 29), the pair continues to trend upward with intermittent pullbacks. A wait-and-see approach would be advisable if it breaks below the -2 standard deviation level, but for now, a bullish outlook can be maintained.

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

The main economic indicators for today are as follows:

• U.S. Federal Open Market Committee (FOMC) Day 1
• GMT 13:00 U.S. May Case-Shiller home price index (YoY)
• GMT 14:00 U.S. June JOLTS Job Openings
• GMT 14:00 U.S. July Consumer Confidence Index (Conference Board)