Early in Tokyo trading, news said President Trump confirmed a ceasefire between Iran and Israel. This made the USD/JPY fall to around 146.20 yen, and then it dropped even more, falling below 145 yen.
Later in New York trading, Federal Reserve Chair Powell said the Fed might cut interest rates earlier than expected, and the dollar fell further to 144.52 yen.
The situation changed quickly—from a high risk of war last weekend to a ceasefire just a few days later. Even though things are still uncertain, people believe the worst has passed. So, traders are now reversing their earlier safe-haven dollar buying.
Also, as Fed Chair Powell remains careful and other Fed members, like Vice Chair Bowman, talk more about cutting rates (soft comments), it is expected that the USD/JPY will not rise much for now.
USD/JPY expected range: around 145.40 yen
Note: This information does not guarantee profits. Please make your own decisions when trading.