Yesterday the USDJPY hit a low of 146.75 shortly after the opening and moved steadily higher. Some time around GMT 19:00 it hit a high of 147.93, and trading for the day closed at 147.77 yen.

Today the USDJPY saw strong dollar selling after President Trump suggested the dismissal of Fed Governor Lisa Cook, hitting a low of 146.98 yen shortly after GMT 00:30, but the dismissal was quickly denied and as of GMT 04:00 it has recovered back to the 147.8-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on August 26), the middle line is trending upward, and the price quickly recovered even after the sharp drop. If it breaks above 148 yen, it looks reasonable to maintain a bullish outlook.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. July durable goods orders
• GMT 12:30 U.S. July durable goods orders excluding transportation
• GMT 13:00 U.S. June Case-Shiller home price index
• GMT 14:00 U.S. August Richmond Fed manufacturing index
• GMT 14:00 U.S. August Consumer Confidence Index