2025.08.22 NEW
[August 22] US rate‑cut expectations retreat, dollar buying intensifies ahead of Fed chair speech, USDJPY climbs above 148
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Recap of previous trading day (August 21)
Yesterday the USDJPY hit a low of 147.23 directly after the opening, then held firm near this low. The FOMC meeting minutes and hawkish remarks from senior Fed officials dampened expectations for rate cuts within the year and dollar buying strengthened due to the prospect of rising rates. The price reached a high shortly after GMT 19:00 and trading for the day closed at 148.36 yen.
Recap of the Tokyo market and outlook going forward
Today the USDJPY hit a low of 148.17 directly after the opening, then held firm near this low, and hit a high of 148.77 around GMT 05:00. With Fed Chair Jerome Powell's speech imminent, the pair is showing a gradual, resilient move higher.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on August 22), the middle line is trending upward, indicating an ascending Bollinger Band walk. The next target appears to be around the 149‑yen level.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
The main economic indicators for today are as follows:
- GMT 14:00 U.S. Statements from FRB Chairman Jerome Powell
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