Yesterday the USDJPY reached a high of 148.37 around GMT 03:00 but failed to extend gains and pulled back. The price hit a low of 147.65 shortly after GMT 17:30 and trading for the day closed at 147.70 yen.

Today the USDJPY touched a low of 147.60 shortly after GMT 01:30 before bouncing back, then reached a high of 147.86 around GMT 03:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on September 23), the Bollinger Band width has narrowed, making it difficult to see the directional trend on this timeframe.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. Current account Q2
• GMT 13:45 U.S. September Manufacturing Purchasing Managers' Index (PMI, preliminary figures)
• GMT 13:45 U.S. September Services Sector Purchasing Managers' Index (PMI, preliminary figures)
• GMT 13:45 U.S. September Composite Purchasing Managers' Index (PMI, preliminary figures)
• GMT 14:00 U.S. September Richmond Fed manufacturing index
• GMT 16:35 U.S. Statements from FRB Chairman Jerome Powell