On Friday of last week the USDJPY moved solidly higher after hitting a low of 147.12 shortly after the opening, nearly recovering from the decline on the 11th and reaching a high of 148.07 around GMT 12:30.

However, it failed to continue rising in weekend trading and declined instead, with trading for the day closed at 147.65 yen.

Today the USDJPY hit a high of 147.77 yen around GMT 22:00 (on September 14) but quickly reversed lower, trading weakly thereafter. It reached a low of 147.34 shortly after GMT 04:00 and as of GMT 05:00 is trading in the lower 147-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on September 15), it continues to trade within a range without clear direction. Currently, the price is declining within the range, suggesting short positions may be effective, but it would be wise to keep stop-losses tight.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. September New York Empire State Manufacturing Index