On the previous day, USDJPY rose from a low of 153.32 around GMT 00:00, then broke through 154 around GMT 12:30.

The U.S. PMI announced at GMT 14:45 showed positive results in the services sector at 58.5 against an expected 55.7. The market reacted with dollar buying, reaching a high of 154.47 after GMT 15:00, and trading for the day closed at 154.09.

Today the USDJPY reached a high of 154.34 around GMT 00:30, then declined to hit a low of 153.80 shortly after GMT 02:00. There is limited movement as markets await the U.S. FOMC.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:30 on December 17), while approaching -1 standard deviations from the range, the middle line is still trending upward. It is reasonable to maintain an upward bias.

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

The main economic indicators for today are as follows:

• GMT 13:30 U.S. November Retail sales
• GMT 14:15 U.S. November Industrial production
• GMT 15:00 U.S. December NAHB Housing Market Index