Yesterday the USDJPY traded firmly with a low of 151.73 shortly after the open. After consolidating in the mid-152-yen range for some time, it rose again starting around GMT 08:00. Shortly after GMT 09:30, the price hit a high of 153.00. The price rise then stalled, with trading for the day closing at 152.68.

Today the USDJPY has paused after the previous day's gains and is trading slightly softer. It reached a high of 152.76 around GMT 01:00, but as of GMT 05:00, it's trading in the mid-152-yen range without clear direction.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on October 9), the upward momentum has paused, but there's no strong downward pressure either, and the market appears to be in wait-and-see mode. An appropriate strategy would be to watch from the sidelines until the market starts moving again.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. Statements from FRB Chairman Jerome Powell