Yesterday the USDJPY reached a high of 151.87 around GMT 22:0 (on October 14), then moved lower and hit a low of 150.90 shortly after GMT 06:30. It then rebounded to 151.74 yen around GMT 13:00 before falling back, and trading for the day closed at 151.04 yen.

Today the USDJPY saw yen buying following comments from U.S. and Japanese finance officials, reaching 150.51 yen around GMT 00:30 where it found support, then hitting a high of 151.11 yen shortly after GMT 04:30, and as of GMT 05:00 is rising in the lower 151-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on October 16), the pair found support at 150.51 yen and is poised to close above the point where the chart's lowest low was formed. If it doesn't fall back below 150.51 yen, it may be reasonable to maintain a short-term upward outlook.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. October Philadelphia Fed Manufacturing Index
• GMT 14:00 U.S. October NAHB Housing Market Index