Yesterday the USDJPY set a low of 156.29 directly after the opening, and until NY hours, trading remained mainly range-bound in the upper half of the 156-yen zone.

Not long after GMT 12:00, buyback momentum strengthened, reaching a high of 157.27 around GMT 15:00, and trading for the day closed at 157.08.

Today the USDJPY reached a high of 157.39 shortly after GMT 00:30, then fell back to record a low of 157.05 shortly after GMT 01:30.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:30, December 24), while the candlesticks remain steady, the middle line is trending upward. As long as the price doesn't fall below 157, the upward bias appears favorable.

Tomorrow, December 25, many FX companies will suspend trading. With reduced price movement and widening spreads, there is no need to trade unless you have a specific target.

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

The main economic indicators for today are as follows:

• GMT 15:00 U.S. December Richmond Fed manufacturing index