On Friday of last week the USDJPY moved steadily higher despite some volatility, reaching a high of 147.40 shortly after GMT 12:30, but declined as U.S. July personal consumption expenditure data released that day met market expectations, increasing speculation for September rate cuts.

It hit a low of 146.76 around GMT 15:00 and trading for the week closed at 147.02 yen.

Today the USDJPY rose immediately after the opening, reaching a high of 147.38 shortly after GMT 01:30 before quickly retreating to a low of 146.84 around GMT 03:00. As of GMT 05:00, it is trading near 147.0 yen.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on September 1), the pair is consolidating around the 147-yen level, making it difficult to determine the direction. If it clearly breaks above 147.40 yen, an upward trend may develop in the short-term.

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

Today, U.S. markets are closed, and no closely watched economic indicators are scheduled for release.