On Friday of last week the USDJPY hit a low of 146.72 around GMT 00:00, then turned higher and reached a high of 147.90 around GMT 14:00. However, it failed to push toward 148 yen and pulled back, with trading for the week closing at 147.66 yen.

Today the USDJPY has seen little major movement with Tokyo markets closed, but has traded softly and hit a low of 147.42 shortly after GMT 04:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on August 11), the middle line has begun turning downward and selling pressure is intensifying. The area around 147.10 yen looks likely to serve as the near-term downside target.

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

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