Yesterday the USDJPY reached a high of 147.71 shortly after GMT 03:00, then turned lower and hit a low of 146.69 shortly after GMT 07:30. It recovered to the mid-147 range during New York hours but fell again, and trading for the day closed at 147.11.

Today the USDJPY hit a low of 146.72 around GMT 00:00 but found support and bounced back, and is currently trading in the lower 147 range as of GMT 04:00. With no major economic indicators, markets are taking a wait-and-see approach.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:50 on August 8), selling pressure remains strong with consecutive lower highs, and if the pair closes below the support line near 146.70, further downside momentum is likely to follow.

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

Today, no strongly influential economic indicators are scheduled for release.