Last Friday, the USDJPY hit a low of 152.45 shortly after GMT 23:30 (on December 12), then rose and traded in the upper 152 range during Tokyo hours.

With expectations growing that the Bank of Japan will hold off on a December rate hike, yen selling accelerated from around GMT 09:00. Some time around GMT 17:30 the market hit a high of 153.80, and trading for the week closed at 153.63.

Today the USDJPY rose from a low of 153.32 around GMT 00:00, reaching a high of 153.97 around GMT 02:00 before being pushed back. As of GMT 04:00, it is trading directionlessly in the upper 153 range.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:40, December 16), while it was pushed back before reaching 154.00, the latest candlestick is near the +1 standard deviation line. The middle line continues to slope upward, suggesting an upward bias remains appropriate.

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

The main economic indicators for today are as follows:

• GMT 13:30 U.S. December NY Empire State Manufacturing Index
• GMT 14:45 U.S. December Purchasing Managers Index (PMI, preliminary)