Yesterday the USDJPY started at the day's low of 151.18, then rose to reach a high of 152.54 around GMT 08:30. However, the advance did not continue, and the pair turned downward before finding support in the 152.5 range, and trading for the day closed at 151.99.

Today the USDJPY touched a low of 151.68 around GMT 00:00, and has since been trading range-bound around 152 yen.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on February 11), range-bound trading continues with the band width narrowing. It is difficult to determine a clear direction, so it seems that the best strategy here would be to move in the direction in which the price breaks. If the range-bound period is prolonged, it could lead to momentum once a direction is established.

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

The main economic indicators for today are as follows:

• GMT 15:00 U.S. Statements from FRB Chairman Jerome Powell