Yesterday the USDJPY temporarily fell below 152 around GMT 02:00, but then reversed course and began rising, reaching a high of 152.77 shortly after GMT 08:00.

The U.S. PPI (Producer Price Index) released at GMT 13:30 showed slightly better results, but initial jobless claims deteriorated. The market initially reacted by selling dollars, pushing the USDJPY to a low of 151.80, but this reaction was temporary. It later turned upward and trading for the day closed at 152.62.

Today the USDJPY reached a high of 153.04 around GMT 03:00, as the Bank of Japan Tankan survey results released around GMT 23:30 (on December 12) were largely in line with expectations, suggesting that expectations for a Bank of Japan rate hike have receded.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on December 13), the band width has expanded, with candlesticks moving between +1 standard deviation and +2 standard deviations. The middle line is also trending upward, suggesting an upward bias looks appropriate.

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

Today, no closely watched economic indicators are scheduled for release.