Yesterday the USDJPY hit a low of 154.46 shortly after GMT 01:00, then began rising after the Bank of Japan kept interest rates unchanged.

At the press conference that began at GMT 06:30, Governor Kazuo Ueda hinted at a delay in additional rate hikes, accelerating yen selling. Around GMT 16:00, the market reached a high of 157.80, and trading for the day closed at 157.39.

As a so-called "5/10 day" (a date ending in "5" or on a multiple of "10" on which Japanese companies often settle foreign exchange payments), today the USDJPY hit a high of 157.92 around GMT 00:00, but fell below 157 temporarily due to Finance Minister Katsunobu Kato's comments aimed at restraining yen depreciation and dollar selling in reaction to yesterday's yen depreciation.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:50), the band width is narrowing and has temporarily reached -1 standard deviation. If it breaks below 157 again, it appears likely to move further downward.

(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 Personal Income
• GMT 13:30 U.S. November Personal Spending (PCE)